Prepare a classified balance sheet for Lantana Company. a. Issued 7,500 shares of stock with a par value of $0.10 to the three owners (2,500 shares each) for $75,000 in cash. b. Purchased a short-term investment for $10,000 cash. c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year not for the remainder
Prepare a classified balance sheet for Lantana Company. a. Issued 7,500 shares of stock with a par value of $0.10 to the three owners (2,500 shares each) for $75,000 in cash. b. Purchased a short-term investment for $10,000 cash. c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year not for the remainder
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...
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Prepare a classified balance sheet for Lantana Company.
a. Issued 7,500 shares of stock with a par value of $0.10 to the three owners (2,500 shares each) for $75,000 in cash.
b. Purchased a short-term investment for $10,000 cash.
c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year not for the remainder.
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