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Durlng the year, the company had the following summarlzed actlvitles: a. Purchased equipment that cost $21,000; pald $5,000 cash and signed a two-year note for
Durlng the year, the company had the following summarlzed actlvitles: a. Purchased equipment that cost $21,000; pald $5,000 cash and signed a two-year note for the balance. b. Issued an additional 2,000 shares of common stock for $20,000 cash. c. Borrowed $50,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $4,000 cash. e. Bullt an addition to the factory bulldings for $41,000; pald $12,000in cash and signed a three-year note for the balance. f Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. Prepare a classified balance sheet at December 31 . Use the dropdowns to select the accounts properly included on the balance sheet
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