refer to cp 12 1 assume that the proprietorship is instead a corporation named r bla 4373301

Refer to CP 12-1. Assume that the proprietorship is instead a corporation named R. Black Ltd., with 1,000 common shares issued on January 1, 2016 for a stated value of $5 per share. Assume there are no opening retained earnings and consider withdrawals to be dividends. Assume income taxes expense applies to corporate earnings. Required: 1. Prepare an income statement for the year ended December 31, 2016. 2. Prepare a statement of changes in equity. 3. Prepare a balance sheet at December 31, 2016. 4. Prepare closing entries at year-end. View Solution:
Refer to CP 12 1 Assume that the proprietorship is instead

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