Forrest Inc. experienced the following events during its first-year operations: 1. Acquired $65,000 cash from the issue

Question:

Forrest Inc. experienced the following events during its first-year operations:
1. Acquired $65,000 cash from the issue of common stock.
2. Borrowed $20,000 from the First City Bank.
3. Earned $65,000 of cash revenue.
4. Incurred $52,000 of cash expenses.
5. Paid a $5,000 cash dividend.
6. Paid $35,000 to purchase land.


Required
Prepare a statement of changes in stockholders’ equity.

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Introductory Financial Accounting for Business

ISBN: 978-1260299441

1st edition

Authors: Thomas Edmonds, Christopher Edmonds

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