The ledger of Falcone Company includes the following account balances on 2009 September 30: Appropriation for contingencies
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Question:
The ledger of Falcone Company includes the following account balances on 2009 September 30:
| Appropriation for contingencies | $210,000 |
| Appropriation for plant expansion | 392,000 |
| Retained earnings, unappropriated | 700,000 |
During October 2009, the company took action to:
-Increase the appropriation for contingencies by USD 60,000.
-Decrease the appropriation for plant expansion by USD 160,000.
-Establish an appropriation per loan agreement, with an annual increase of USD 48,000.
-Declare a cash dividend of USD 140,000.
Prepare the journal entries to record these transactions of Falcone Company.
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