Instructions (a) Record the journal entries for the transactions listed above. (b) Prepare the equity section of Phelps Corporation's statement of financial position as of December 31, 2015.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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(a) Record the journal entries for the transactions listed above.
(b) Prepare the equity section of Phelps Corporation's statement of financial position as of December 31, 2015.
Transcribed Image Text:Instructions (a) Record the journal entries for the transactions listed above. (b) Prepare the equity section of Phelps Corporation's statement of financial position as of December 31, 2015.
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