Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $600 cash, $1,800 equipment and a $1,050 note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $1,350. These amounts are the values agreed on by both partners. The journal entry to record Bloom's investment is:

Item 109

Item 109

Sweet Companys outstanding stock consists of 1,900 shares of noncumulative 3% preferred stock with a $100 par value and 10,900 shares of common stock with a $10 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.

	Dividends Declared & Paid
Year 1	$	2,900
Year 2	$	7,800
Year 3	$	36,500

The total amount of dividends paid to preferred and common shareholders over the three-year period is:

Item 119

Item 119

Sweet Companys outstanding stock consists of 1,100 shares of cumulative 6% preferred stock with a $100 par value and 10,100 shares of common stock with a $10 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.

	Dividends Declared & Paid
Year 1	$	2,100
Year 2	$	6,100
Year 3	$	32,500

The total amount of dividends paid to preferred and common shareholders over the three-year period is:

A company issued 5-year, 7.50% bonds with a par value of $119,000. The market rate when the bonds were issued was 7.00%. The company received $121,504 cash for the bonds. Using the effective interest method, the amount of recorded interest expense for the first semiannual interest period is: