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URGENT: PLEASE HELP!! DUE AT 11;59! I WILL GIVE EXCELLENT REVIEW :) Please use this data to help me fill out the income statement (multi-step)
URGENT: PLEASE HELP!! DUE AT 11;59! I WILL GIVE EXCELLENT REVIEW :)
Please use this data to help me fill out the income statement (multi-step)
Credit Date Account 1-Jan-19 Building Land Debit 150,000 50,000 Cash 200,000 1-Jan-19 Oil Deposit Cash 100,000 100,000 50,000 1-Jan-19 Patent Cash 50,000 500,000 31-Dec-19 Cash Sales revenue 500,000 300,000 Cost of goods sold Inventory 300,000 6,000 31-Dec-19 Depreciation expense Accumulated depreciation 6,000 100,000 31-Dec-19 Truck Cash 100,000 25,000 Depreciation expense Accumulated depreciation 25,000 20,000 31-Dec-19 Depletion expense Oil mine 20,000 5,000 31-Dec-19 Amortization Expense - Patent Patent 5,000 5,000 31-Dec-19 Impairment Loss Goodwill 5,000 31-Dec-19 Cash Accumulated depreciation Truck Loss on sale of truck 30,000 64,000 6,000 100,000Step by Step Solution
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