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Question - Azela Corporation issued 2,000 shares of common stock and 400 shares of preferred stock for a lump sum of $72,000 cash.
Required -
1. Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.)
2. Give the entry for the issuance assuming the preferred stock has no ready market and the common stock has a fair value of $23 per share. Par values are the same as in part 1.
Prepare an effective-interest amortization table for the bonds through the first three interest payments. Round amounts to the nearest dollar
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The aging schedule indicates that $3,600 of the end of the year Accounts Receivable will be uncollectible. What amount Sliders Company recognize as bad debt
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