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  3. 1.assuming the activities in exhibit 1 actually ta

1.Assuming the activities in Exhibit 1 actually take place prepare a balance sheet as of...

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Accounting

1.Assuming the activities in Exhibit 1 actually take place prepare a balance sheet as of the completion of item 5. To do so, draw up a basic balance sheet format and make entries to the appropriate accounts for each event. Leave sufficient space below each asset, liability, and equity account to make several entries.

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Item Number Description Amount 1 Investment by the former patient $50,000 2 Equity for Dr. Black in exchange for patent 25,000 3 Purchase of machinery in cash to manufacture the device (Estimated life 10 years; no salvage value) 40,000 4 Purchase of raw material inventory (in cash) 15,000 5 Loan (5 years at 10 percent) 20,000

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