n January 1, Lumia Company's liabilities are $66,000 and its equity is $46,000. On January 3, Lumia purchases and installs solar panel assets osting $16,000. For the panels, Lumia pays $7,000 cash and promises to pay the remaining $9,000 in six months. What is the total of Lumia's ssets after the solar panel purchase? Assets Liabilities Equity 66,000 nuary 1 ange nuary 3 112,000 = $ 46,000 16,000 = 9,000 + 7,000 128,000 = $ 75,000 + 53,000

n January 1, Lumia Company's liabilities are $66,000 and its equity is $46,000. On January 3, Lumia purchases and installs solar panel assets osting $16,000. For the panels, Lumia pays $7,000 cash and promises to pay the remaining $9,000 in six months. What is the total of Lumia's ssets after the solar panel purchase? Assets Liabilities Equity 66,000 nuary 1 ange nuary 3 112,000 = $ 46,000 16,000 = 9,000 + 7,000 128,000 = $ 75,000 + 53,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 63P

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