Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the...
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Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 : During the month of July, the company had the following activities: a. Issued 4,800 shares of common stock for $480,000 cash. b. Borrowed $170,000 cash from a local bank, payable in two years. c. Bought a building for $296,000; paid $100,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $251,000. e. Purchased supplies for $41,750 on account. 5. Prepare a classified balance sheet at July 31
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