The following transactions pertain to Year 1, the first-year operations of Walton Company. All inventory...
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The following transactions pertain to Year 1, the first-year operations of Walton Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. Acquired $4,000 cash by issuing common stock. Paid $630 for materials used to produce inventory. Paid $1,860 to production workers. Paid $1,148 rental fee for production equipment. Paid $100 to administrative employees. Paid $114 rental fee for administrative office equipment. Produced 340 units of inventory of which 280 units were sold at a price of $13 each.
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