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Lanni Products is a start-up computer sofware development firm. it currenty owns computer equipment worth 530,000 and has cash on hand of 520.000 contributed by
Lanni Products is a start-up computer sofware development firm. it currenty owns computer equipment worth 530,000 and has cash on hand of 520.000 contributed by Lanni's owners. - Lanni takes out a bank lonn. It recelves $50,000 in cash and signs a note promising to pay back the loan over three years. - Lanni uses the cash from the bank plus $20,000 of its own funds to finance the development of new financial planning software. - Lanni sells the sottware product to Microsof which will market it to the public undet the Microsoft name. Lanni accepts payment in the form of 1.000 shares of Microsoft stock. - Lanni selis the shares of stock for $140 per share and uses part of the proceeds to poy off the bank loan. Required: a-1. Prepare its belance sheet just after it gets the bank loan. a-2. What is the ratio of real assets to total assets? (Round your answer to 1 decimal place.) b-1. Prepare the balance sheet affer Lanni spends the $70,000 to deveiop its softwate product, with the software valued at cost. b-2. What is the retio of real assets to total assets? (Round your answer to 1 decimal place) 6-4. Prepare the bolence aheet afier Lanni accepts the payment of thares from Moosplt. b-1. Prepare the balance sheet after Lanni spends the $70,000 to develop its software product, with the software valu b.2. What is the ratio of real assets to total assets? (Round your answer to 1 decimal place.) c-1. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft. c-2. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.)
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