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Required information [The following information applles to the questions displayed below.] Shake Shack Incorporated, which began as a hot dog stand in 2001, now has
Required information [The following information applles to the questions displayed below.] Shake Shack Incorporated, which began as a hot dog stand in 2001, now has more than 200 locations worldwide. The following is adapted from Shake Shack's financlal statements for the quarter ended June 26, 2019. Dollars are reported in millions. Assume that the following events occurred in the following quarter, which ended September 26, 2019. a. Pald $10 cash for additional Intanglble assets. b. Issued addltional shares of common stock for $50 in cash. c. Purchased equipment; pald $30 in cash and signed additional long-term loans for $70. d. Pald $9 cash for accounts payable owed at September 26. e. Conducted negotlations to purchase a farm, which is expected to cost $15. 4. Summarize the journal entry effects from part 3 using T-accounts. (Enter your answers in millions (l.e., 10,000,000 should be entered as 10).)
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