Lin Co., a distributor of machinery, bought a machine from the manufacturer in November for $10,000. On December 30, Lin sold this machine to Zee Hardware for $15,000, under the following terms: 2% discount if paid within 30 days, 1% discount if
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For 2012, Flamingo Products had net income of $1,000,000. At 1 January 2012, there were 1,000,000 shares outstanding. On 1 July 2012, the company issued 100,000 new shares for $20 per share.
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