A building was sold for $28,000. It originally cost $160,000 and was three-fourths depreciated. The common stock o
- A building was sold for $28,000. It originally cost $160,000 and was three-fourths depreciated.
- The common stock of Company B was purchased for $20,000 as a long-term investment.
- Company A acquired the property by leasing a note payable to the seller. The terms were $120,000 with a 13% rate for seven years.
- New equipment was purchased for $60,000 cash.
- January 1, 2021: bonds were sold at their $100,000 face value.
- January 19: a 5% stock dividend (1,000 shares) issued. The market price was $56 per share for the $10 par value common stock on this day.
- Shareholders received cash dividends of $52,000.
- November 12: Company A repurchased 2,000 shares of common stock as treasury stock at the cost of $32,000.
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