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1. Abernathy Corporation was organized on January 1, 2010. It is authorized to issue 10,000 shares of 8%, $50 par value preferred stock, and 500,000 shares of no par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 80,000 shares of common stock for cash at $5 per share.Mar. 1 Issued 5,000 shares of preferred stock for cash at $108 per share.Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000; the fair market value of the land was $80,000.May 1 Issued 80,000 shares of common stock for cash at $7 per share.Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services rendered in helping the company organize.Sept. 1 Issued 10,000 shares of common stock for cash at $9 per share.Nov. 1 Issued 1,000 shares of preferred stock for cash at $112 per share.Prepare the journal entries to record the above transactions.
Transactions for Marlin Company for the month of June are presented below. Identify the accounts to be debited and credited for each transaction.
The contract required 8 equal annual payments with the first payment due on June 1, 2006. What type of compound interest table is appropriate for this situation?
Discuss the key factors that should be considered when determining whether an item should be expensed. Speculate how Joe Carter arrived at his decision to expense the carpets replaced in the apartments.
George Williams buys a machine for his business. The machine costs $150,000. George estimates that the machinecan produce $40,000 cash inflow per year for the next fiveyears. George's cost of capital is 10 percent. What is the payback for this inv..
Is there a difference between ethical obligations and legal obligations in regards to online privacy?
the contribution format income statement for strickland inc. for its most recent period is given below
Experiment to measure the difference in running time between our potentially inefficient versions and the one that uses strings.Join. (Section 1.6 illustrates part of the time package, and Section 11.4 shows how to write benchmark tests for system..
Propose two (2) uses for consumer-oriented promotions that could assist a company in both the short and long term for the product group that you selected. Provide a rationale for your response.
1. when an accelerated depreciation method is used to calculate depreciation expensea. the net book value of the asset
The lowest point on the short-run supply curve is at the break-even point.
What potential conflicts can you see and how could Bill & Mary remedy the situation?
blujay aviation has allowed their clients to pay 30-60 days after services have been given. this causes their cash flow
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