On January 1, Kirk Corporation had total assets of $850,000. During the month, the following...
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On January 1, Kirk Corporation had total assets of $850,000. During the month, the following activities occurred: Kirk Corporation acquired equipment costing $6,000, promising to pay cash for it in 60 days. Kirk Corporation purchased $3,500 of supplies for cash. Kirk Corporation sold land which it had acquired 2 years ago. The land had cost $15,000 and it was sold for $15,000 cash. Kirk Corporation signed an agreement to rent additional storage space next month at a charge of $1,000 per month. What is the amount of total assets of Kirk Corporation at the end of the month? $859,500. $856,000. $837,500. $840,000.
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