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On January 1, 2014, Hobbs Corporation Had 60,000 Common Shares

Question 127

Essay

On January 1, 2014, Hobbs Corporation had 60,000 common shares issued at $1 per share. During the year, the following transactions occurred: On January 1, 2014, Hobbs Corporation had 60,000 common shares issued at $1 per share. During the year, the following transactions occurred: Profit for 2014 amounted to $651,000. Instructions Prepare journal entries to record the above transactions. Profit for 2014 amounted to $651,000.
Instructions
Prepare journal entries to record the above transactions.

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