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Zippy Corp's agreement for the issuance of long-term debt requires the restriction of $160,000 of...

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Accounting

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Zippy Corp's agreement for the issuance of long-term debt requires the restriction of $160,000 of the company's Retained Earnings balance. Total Retained Earnings is $350,000, and total contributed capital is $280,000 Required Show how to report shareholders' equity (including retained earnings) on Zippy Corp.'s balance sheet at December 31, 2020, assuming 1. The restriction is disclosed in a note. Complete the note. 2. The company appropriates retained earnings in the amount of the restriction and includes no note in its statements. Requirement 1. Show how to report shareholders' equity (including retained earnings) on Zippy Corp.'s balance sheet at December 31, 2020, assuming Zippy Corp. discloses the restriction in a note. Complete the note Begin with the shareholders' equity section of the balance sheet. Zippy Corp. Partial Balance Sheet December 31, 2020 Shareholders' Equity Total shareholders' equity

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