![]() At the city’s website, access a list of the city’s departments and select “Department of Finance,” or the one most similar to that name. Many cities, particularly those with a population greater than 25,000, publish their CAFRs on the city’s official website. Locate a comprehensive annual financial report (CAFR) using a city’s website. Journalize the entries to record the May transactions. Borrowed$4,000,000 from Laurel National, giving a 5% mortgage note. Issued 40,000 shares of preferred stock, receiving $52 per share in cash.ģ1. ![]() Issued 125,000 shares of common stock in exchange for land and a building, according to the plan.Ģ0. The plan was approved by the stockholders and accomplished by the following transactions: The plan provided (a) that a building, valued at$3,375,000, and the land on which it is located, valued at $1,500,000, be acquired in accordance with preliminary negotiations by the issuance of 125,000 shares of common stock, (b) that 40,000 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow$4,000,000. $ 4, 000, 000 560, 000 14, 000, 000 1, 200, 000 180, 000, 000 Īt the annual stockholders’ meeting on March 31, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $11,000,000. Managers feel that maintenance expense should be related to usage, and they collected the following information on weekly usage (hours) and annual maintenance expense (in hundreds of dollars). Jensen Tire & Auto is in the process of deciding whether to purchase a maintenance contract for its new computer wheel alignment and balancing machine.
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