CHAPTER 2

Since no investment account appears on Lincoln’s balance sheet, no journal entry has been made for the issuance of the 7,000 shares of stock. The entry requires a total paid in capital of $80,000, the amount reported by Swathmore. Lincoln's Financial Records. Investment in Swathmore (book value on 1/1/00) 190,000. Common Stock (par value) 70,000 ................
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