On December 31, 2019, the board of directors of Indiana Corporation voted to appropriate $150,000 of retained
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On December 31, 2019, the board of directors of Indiana Corporation voted to appropriate $150,000 of retained earnings each year for five years to establish a reserve for contingencies. Give the general journal entry on December 31, 2019, to record the appropriation.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For 
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
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