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please answer full question. i know its a long one with multiple steps but its all tied too the same question. Will leave postive review
please answer full question. i know its a long one with multiple steps but its all tied too the same question. Will leave postive review and thumbs up.
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000 and has cash on hand of $20,000 contributed by Lannil's owners. - Lanni takes out a bank loan. 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 finaneial planning software. - Lanni sells the software product to Microsoft, which will market it to the public under the Microsoft name. Lanni accepts payment in the form of 1,000 shares of Microsoft stock. - Lanni sells the shares of stock for $140 per share and uses part of the proceeds to pay off the bank loan. Required: a-1. Prepare its balance sheet just after it gets the bank loan. a-2. What is the ratio of real assets to totat ossets? (Round your answer to 1 decimal place.) b-1. Prepare the balance sheet after Lanni spends the $70,000 to develop its software product, with the software valued at cost. 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 Lannl accepts the payment of shares from Microsoft. 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 answit to 2 decimal places.) Step by Step Solution
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