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