At the beginning of the year (January 1), Buffalo Drilling has $12,000 of common stock outstanding and retained earnings of $7,100. During the year, Buffalo reports net income of $7,400 and pays dividends of $2,100.
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On December 31, 2019, Spearmint, Inc., issued $450,000 of 9 percent, 3-year bonds for cash of $461,795. Prepare the necessary journal entry for Spearmint, Inc.
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