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The following transactions and events relate to financing transactions at Weber Inc. a. Identify the substantive procedure that should verify each transaction or event. b.
The following transactions and events relate to financing transactions at Weber Inc. a. Identify the substantive procedure that should verify each transaction or event. b. For each test, indicate the financial statement assertion(s) to which it pertains. c. Indicate the source of evidence obtained from the substantive procedure (i.e., outside party, client-generated, auditor's personal knowledge or observation, documented, oral). (Use a tabular format for your answers, with one column for each part.) Substantive Test Financial Statement Assertion Type of Evidence 1. Declare cash dividend on common stock. 2. Issue bonds. 3. Pay bond interest. 4. Purchase 500 shares of treasury stock. 5. Pay cash dividend declared in (1) above. 6. Issue additional common stock for cash. 7. Accrue bond interest payable at year-end. 8. Redeem outstanding bonds. 9. Establish appropriation for bond retirement. 10. Announce a two-for-one stock split
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