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Prepare a? T-account to show the transaction activity in each? long-term balance-sheet account. For each plant? asset, use a single? account, net of accumulated depreciation?
Prepare a? T-account to show the transaction activity in each? long-term balance-sheet account. For each plant? asset, use a single? account, net of accumulated depreciation? (for example:? Equipment, Net). Begin by posting the beginning balances to the? T-accounts. Then, post the ending balances.? Finally, record the transaction activity in each? account, using the transaction letter identified in the listing provided below. ?(For accounts with a? $0 balance, make sure to enter? "0" in the appropriate? cell.)
Taccount transaction data a. Purchase of equipment with cash, $99,000 b. Payment of cash dividends, $15,000 c. ssurance of common stock to retire bonds payable $16,000 d. Purchase of long-term investment with cash, $5,000 e. Purchase of treasury stock, $13,000 f. Issuance of long-term note payable to purchase patent, $35,000 g. Issuance of long-term note payable to borrow cash, $14,000 h. Issuance of common stock for cash, $23,000 i. Proceeds from the sale of equipment, $74,000 j Book value of equipment sold, $80,000 k. et income, $32,200 I. Depreciation expense, $13,000 m. Amortization expense, $5,000
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