Investors buy shares in a brand new company called Quietus Ltd. for $5 million. On...
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Accounting
Investors buy shares in a brand new company called Quietus Ltd. for $5 million. On Day One of the company's operations, $3 million is spent on capital equipment and $1 million is borrowed from the Bank. The accounting equation at this point in time is assets: \$6 million; liabilities: \$4 million; equity: $2 million assets: \$6 million; liabilities: \$1 million; equity: $5 million natory of the listed answers are correct assets: $9 million; liabilities: $9 million; equity: 0 million assets: $9 million; liabilities: $4 million; equity: $5 million
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