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A building that originally cost $40,000, and which was three-fourths depreciated, was sold for $7,000. The common stock of Byrd Corporation was purchased for $5,000
A building that originally cost $40,000, and which was three-fourths depreciated, was sold for $7,000. The common stock of Byrd Corporation was purchased for $5,000 as a long-term investment. Property was acquired by issuing a 13%, seven-year, $38,000 note payable to the seller. New equipment was purchased for $15,000 cash. On January 1, 2021, bonds were sold at their $57,000 face value. On January 19, Dux issued a stock dividend (1,000 shares). The market price of the $10 par value
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