Watt Company was established in January, Year 1. During Year…
Watt Company was established in January, Year 1. During Year 1 the company experienced the following events.Collected $7,200 cash from the issue of common stock.Borrowed $4,200 cash from the state bank.Earned $5,200 of cash revenue.Paid $3,200 cash expenses.The company was liquidated at the end of Year 1. Based on this information