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    Journal Entries/T-Accounts/Shareholder's Equity/Stock Value

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    A - Journalize the transactions and the closing entry for net income.

    B - Enter the beginning balances in the accounts and post the journal entries to the
    stockholder's equity accounts. (Use J1 as the posting reference.) (I assume this to be T-accounts?)

    C - Prepare a stockholder's equity section at December 31, 2006

    D - Compute the book value per share of common stock at December 31, 2006.

    See attached file for full problem description.

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    Solution Summary

    Excel sheet shows how to prepare a journal entry, etc.