Question

Cornerstone Development Company’s balance sheet information at the end of 2016 and 2017 is provided in random order, as follows:
Additional information:
At the end of 2016,
(a) The amount of long-term liabilities is twice the amount of current liabilities
(b) There are 2,900 shares of common stock outstanding.
During 2017, the company
(a) Issued 100 shares of common stock for $25 per share,
(b) Earned net income of $20,600,
(c) Paid dividends of $1 per share on the common stock outstanding at year-end.
Required:
Fill in the blanks lettered (a) through (p). All of the necessary information is provided.


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  • CreatedOctober 05, 2015
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