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On December 1, 2009, Millstone Corporation invested $45,000 in a new delivery truck. The truck is being depreciated at a monthly rate of $500. During
On December 1, 2009, Millstone Corporation invested $45,000 in a new delivery truck. The truck is being depreciated at a monthly rate of $500. During 2009, the company issued stock for $60,000 and declared dividends of $5,000. Its net income in 2009 was $70,000. Millstone's ending Retained Earnings balance as reported in its December 31, 2009, balance sheet was $90,000. Its beginning Capital Stock balance on January 1, 2009, was $200,000
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