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QUESTION
Corporation began operations in 2009. Its balance sheet reported the following components of equity on December 31, 2009: Equity Section of the...
Closed the dividend accounts along with the $200,000 debit balance in the income summary account.
Required:
- Prepare journal entries to record transactions and closings for 2010 and 2011.
- Prepare the equity section of the company's Balance sheet as of December 31, 2011
