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Web Prince Corp. Estimated useful life is six years and salvage value is 7920.

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. January 1 Purchased equipment for 33000 cash. Reported the following balance sheets at January 1 20X1. Web Transcribed Image Text. The amount of cancellation of debt income CODI is.

19 Triple A Realty LLC had a foreclosed building with FMV of 2000000 basis was 1600000 and mortgage balance in the amount of 2500000. Web Business Accounting Analyze each of the following transactions by showing its effects on the accounting equationspecifically identify the accounts and amounts including or for each. Prince Sprite Current assets 30000 15000 Noncurrent assets 55000 25000 Total assets 85000 40000 Current liabilities 20000 10000 Long-term debt 20000 5000 Stockholders equity 45000 25000 Total liabilities and stockholders equity.

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