Madrasah Corporation issued its financial statements for the year ended December 31, 2014, on March...
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Accounting
Madrasah Corporation issued its financial statements for the year ended December 31, 2014, on March 10, 2015. The following events took place early in 2015.
| (a) | On January 10, 10,000 shares of $5 par value common stock were issued at $66 per share. | |
| (b) | On March 1, Madrasah determined after negotiations with the Internal Revenue Service that income taxes payable for 2014 should be $1,270,000. At December 31, 2014, income taxes payable were recorded at $1,100,000. |
Discuss how the preceding post-balance-sheet events should be reflected in the 2014 financial statements.
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