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On January 1, 2014, Browning Corporation Had 75,000 Shares of $1

Question 256

Essay

On January 1, 2014, Browning Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: On January 1, 2014, Browning Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Net income for 2014 amounted to $951,000. Instructions Prepare journal entries to record the above transactions. Net income for 2014 amounted to $951,000.
Instructions
Prepare journal entries to record the above transactions.

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