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Business, 02.11.2020 16:40 soonerlady19
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.)1) Acquired $3,200 cash from issuing common stock.2) Borrowed $2,300 from a bank.3) Earned $3,200 of revenues.4) Incurred $2,420 in expenses.5) Paid dividends of $420. Lexington Company engaged in the following transactions during Year 2:1) Acquired an additional $600 cash from the issue of common stock.2) Repaid $1,370 of its debt to the bank.3) Earned revenues, $4,600.4) Incurred expenses of $2,790.5) Paid dividends of $760.The amount of total assets on Lexington's balance sheet at the end of Year 1 was:
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Lexington Company engaged in the following transactions during Year 1, its first year of operations....
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