Emerald Company was established in January, Year 1. During Y…
Emerald Company was established in January, Year 1. During Year 1 the company experienced the following events.Collected $125,000 cash from the issue of common stockBorrowed $60,000 cash from the state bankEarned $135,000 of cash revenuePaid $277,500 cash expensesThe company was liquidated at the end of Year 1. Based on this information: