Consider the following transactions for Huskies Insurance Company: Equipment costing $40,200 is purc

Consider the following transactions for Huskies Insurance Company:

Equipment costing $40,200 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,700 per year.

On June 30, the company lends its chief financial officer $47,000; principal and interest at 7% are due in one year.

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On October 1, the company receives $14,800 from a customer for a one-year property insurance policy. Deferred Revenue is credited. Transaction Net Income 1 2. 3. Total

 

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