On March 31, 2015, Arndt declared a 10 % stock dividend, and accordingly 900 additional shares were issued, when the fair value of the stock was $ 18 per share. For the three months ended March 31, 2015, Arndt sustained a net loss of $ 32,000. The balance of Arndt’ s retained earnings as of March 31, 2015, should be
24) On September 1, 2014, Halley Co. issued a note payable to Fidelity Bank in the amount of $ 1,800,000, bearing interest at 10 %, and payable in three equal annual principal payments of $ 600,000. On this date, the bank ' s prime rate was 11 %. The first payment for interest and principal was made on September 1, 2015. At December 31, 2015, Halley should record accrued interest payable of
ACC 304 Final Exam Part 1( 3 Sets) 2