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[Accounting Identity] Roxxon is an energy company. Recently, the following transactions took place, in the order listed: . Roxxon borrows $5,000,000 in cash from Wilson
[Accounting Identity] Roxxon is an energy company. Recently, the following transactions took place, in the order listed: . Roxxon borrows $5,000,000 in cash from Wilson Fisk, an independent money lender. Roxxon pays $4,000,000 in cash to a former employee, Miguel O'Hara, as part of a settlement. Roxxon buys a patent from a science company, Alchemax. Alchemax wants $25,000,000 for the patent. Roxxon pays for it with for $15,000,000 in cash, plus an Armiger battle platform (a Roxxon product) with a retail price of $10,000,000. Prior to this payment, the battle platform was sitting in a Roxxon warehouse as inventory. It costs Roxxon $2,500,000 to build an Armiger battle platform. Roxxon bills Blackrock Enterprises, a petroleum company, $3,500,000 for recent security upgrades to Blackrock oil platforms. Blackrock Enterprises pays $1,000,000 immediately via direct deposit, and says they will send the rest of the money within five business days. What was the TOTAL effect of the transactions above on Roxxon's... a. Assets? (Show your work.) $ Work: b. Liabilities? (Show your work.) $ Work: c. Equity? (Show your work.) $ Work
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