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[The following information applies to the questions displayed below.] Edward Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United
[The following information applies to the questions displayed below.] Edward Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Edward Allen's June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Assume that the following events occurred in the following quarter. a. Paid $35 cash for additional inventory. b. Issued additional shares of common stock for $30 in cash. c. Purchased equipment for $220; paid $105 in cash and signed a note to pay the remaining $115 in two years. d. Signed a short-term note to borrow $14 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $48
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