Cooper Inc Financial Statement.
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B. Prepare an income statement, statement of changes in stockholders' equity, year-end balance sheet, and statement of cash flows for the 2004 accounting period.
Cooper, Inc., experienced the following events during 2004.
1. Acquired $55,000 cash from the issue of common stock.
2. Paid $15,000 cash to purchase land.
3. Borrowed $5,000 cash from First Bank.
4. Provided services for $21,000 cash.
5. Paid $1,500 cash for utilities expense.
6. Paid $11,000 cash for other operating expenses.
7. Paid a $2,000 cash dividend to the stockholders.
8. Determined that the market value of the land purchased in Event 2 is $20,000.
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Solution Summary
The solution prepare an income statement, statement of changes in stockholders' equity, year-end balance sheet, and statement of cash flows for the 2004 accounting period for Cooper Inc.
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