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The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. The company repurchased 100 shares at a market price of $15 per share. The company later sold 50 shares at a market price of $25 per share. At the end of the first year of operations the company has $2,600 of retained earnings in addition to its contributed capital.
a. Prepare journal entries to record the treasury stock transactions.
b. Prepare the equity section of the balance sheet for Cosmo Company.
What financial instruments (financial assets and financial liabilities) are not eligible for an entity to use the fair value option of accounting?
High & Dry’s standard price for direct materials is $3.60 per unit-The actual purchase price per unit was
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A company purchased and installed a machine on January 1, 2004 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1, 2007.
Make the required end-of-period adjusting entries for each independent case listed below.
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