1.As of December 31, 2016, the Balance Sheet of Peterson Products, Inc. contains the following items (in random order): Accounts Payable $ 10,000 Land 80,000 Building 240,000 Notes Payable 125,000 Accounts Receivable 30,000 Cash 6,000 Retained Earnings 100,000 Common Stock 180,000 Equipment ? Determine the amount for Equipment.

A. $69,000 B. $145,000 C. $45,000 D. $59,000

2.

Simon Corporation had a transaction that caused a $60,000 increase in both assets and liabilities. This transaction could have been:

A.	Paying cash for office equipment costing $60,000

B.	Repaying a $60,000 bank loan

C.	Purchasing office equipment for $88,000, paying for it with $28,000 cash and a note payable for $60,000

D.Stockholders investing $60,000 cash in the business

3.

Yale Company began operations on January 1, 2016, with an investment of $250,000 by each of its two stockholders (total amount invested $500,000). Net income for its first year of business was $472,000. During the year, the company paid dividends of $100,000 to each of the two stockholders.

How much is the company's ending Stockholders' Equity on December 31, 2016?

A.

$964,000

B.	$1,128,000

C.

$772,000

D.	$1,112,000