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Fieldstone Company was founded on January 1 , Year 1 . During Year 1 , the company experienced the following events: Received cash revenue of
Fieldstone Company was founded on January Year During Year the company experienced the following events:
Received cash revenue of $
Paid cash expenses of $
Issued common stock for $ cash.
Paid cash dividend of $ to stockholders.
Required:
a Show the effects of the above transactions on the accounting equation use appropriate element and account headings
b Prepare the Year income statement and balance sheet for Fieldstone Company.
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ReqA
Req B
Req B
Prepare the Year balance sheet for Fieldstone Company.
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