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Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 : {:[ Accounts Payable ,$20,600],[ Buildings
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 : {:[" Accounts Payable ",$20","600],[" Buildings ",192","000],[" Cash ",60","250],[" Common Stock ",205","000],[" Equipment ",157","500],[" Land ",207","000],[" Notes Payable (long-term) ",3","400],[" Retained Earnings ",404","250],[" Supplies ",16","500]:} During the month of July, the company had the following activities: a. Issued 4,200 shares of common stock for $420,000 cash. b. Borrowed $194,000 cash from a local bank, payable in two years. c. Bought a building for $265,250; paid $97,250 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $282,000. e. Purchased supplies for $37,250 on
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