Equipment(net)$80,000,original equipment is $140,000. Total asset is $132,000. Current liability $24,000, note payable $30,000, total liability $54000. Common stock $50,000. Do I charge deferr revenue for $28000 for the balance of the equipment to get $132000 for total liability and shareholder’s equity to balance?

Equipment(net)$80,000,original equipment is $140,000. Total asset is $132,000. Current liability $24,000, note payable $30,000, total liability $54000. Common stock $50,000. Do I charge deferr revenue for $28000 for the balance of the equipment to get $132000 for total liability and shareholder’s equity to balance?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 9BCRQ

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