On July 1, 2017, Ling Co. pays $7,440 to Pina Colada Corp. for a 2-year insurance contract.
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On July 1, 2017, Ling Co. pays $7,440 to Pina Colada Corp. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Pina Colada Corp., enter the July 1 transaction and the December 31 adjustment in the tabular summary that follows.
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