The following transactions occurred during May, the first month of operations for Hunter Products, Incorporated:...
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The following transactions occurred during May, the first month of operations for Hunter Products, Incorporated: Issued 55,000 shares of capital stock to the owners of the corporation in exchange for $660,000 cash. Purchased a piece of land for $450,000, making a $175,000 cash down payment and signing a note payable for the balance. Made a $65,000 cash payment on the note payable from the purchase of land. Purchased equipment on credit from BBW, Incorporated for $68,000. What is the balance in the Cash account at the end of May? Multiple Choice $900,000 $420,000 $660,000 $240,000
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