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July 1 : Pane pays cash for a patent that will allow them to produce a revolutionary new window for boats and other marine vehicles
July : Pane pays cash for a patent that will allow them to produce a revolutionary new window for boats and other marine vehicles called TPanes".
cost of patent $
Remaining legal life of patent in years
July : Pane issued shares of common stock
Number of shares
par value $
price per share $
August : Pane purchases land with cash. At the time of purchase, Pane also had to pay for survey fees related to the land.
cost of land $
survey fees $
November : Pane lends one of their employees $ in exchange for a note receivable. The employee is required to pay Pane back for the principal and interest on September
principal $
interest rate
maturity date
November : Pane sales additional goods to customers on account.
sales on account $
cost of goods sold $
create journal entries for these please.
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