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The charter of the corporation authorized 500,000 shares of $5
The charter of the corporation authorized 500,000 shares of $5 par
common stock, and 50,000 shares of $40 par, 3%, preferred stock. As of January
1, 2014, there were 20,000 shares of common stock issued and outstanding and
4,000 shares of preferred stock issued and outstanding.
I am having trouble with the adjusting balance sheet can someone help me?
(1) The employees? accrued vacation pay at the end of the year was $26,000.
(2) Record depreciation on the equipment purchased on February 1, using the
straight-line method. The equipment has an estimated 9-year useful life and
an estimated residual value of $13,520.
(3) Record insurance expired on the policy purchased January 31.
(4) Record the adjusting entry for the interest accrued and the amortization of the
premium on the bonds payable.
This question was answered on: Feb 21, 2020
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