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Make an income statement and balance sheet for the following transactions: a. The owner invested $100,000 in cash to start the business b. The company
Make an income statement and balance sheet for the following transactions: a. The owner invested $100,000 in cash to start the business b. The company purchased office equipment for 15,000 in cash c. The company leased office space and paid the first month's rent of 7,000 d. The company paid 7,000 of insurance for the next six months (prepaid insurance) e. The company then borrowed 500,000 by issuing 5% bonds due in 10 years, with interest to be paid semiannually (12,500)
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