Question
a. On January 1, 2016, Mr. Bravo formed a new corporate (Bravo Unlimited) by investing $35,000 cash in capital stock. Prepare the general journal entry
a. On January 1, 2016, Mr. Bravo formed a new corporate (Bravo Unlimited) by investing $35,000 cash in capital stock. Prepare the general journal entry (without explanation) needed.
b. On January 15, 2016, Bravo Company billed a customer for $20,000 of services rendered to be collected at a later date. Prepare the general journal entry (without explanation) needed.
c. The balance sheet of Bravo Corporation contains the following list of assets: Cash $8,500,000; Land, $4,700,000; Buildings, $1,300,000; and Other Assets, $200,000. Bravo' only debt is $2,070,000 owed to a bank. What is Bravo' stockholders' equity?
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