Question
Accounts receivable were written down $30,000, inventory was written down $40,500, and intangibles were written down $10,000. There are 20,000 shares of $50 par common
Accounts receivable were written down $30,000, inventory was written down $40,500, and intangibles were written down $10,000. There are 20,000 shares of $50 par common stock outstandind. Par value of common was written down to $35,00. Retained earnings has a present deficit of $200,000.
Prepare journal entries for Quasi-Reorganization.
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Accounting Ethics
Authors: Ronald F. Duska, Brenda Shay Duska, Julie Anne Ragatz
2nd Edition
1405196130, 978-1405196130
