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The following transactions apply to Pecan Co. for Year 1, its first year of operations: Received $31,000 cash in exchange for issuance of common stock.
The following transactions apply to Pecan Co. for Year 1, its first year of operations:
- Received $31,000 cash in exchange for issuance of common stock.
- Secured a $102,000 ten-year installment loan from State Bank. The interest rate is 5 percent and annual payments are $13,209.
- Purchased land for $28,000.
- Provided services for $110,000.
- Paid other operating expenses of $43,000.
- Paid the annual payment on the loan.
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