Homework Answers
Solution
| Net proceeds | $ 1,626,800 |
| Loss: on disposal of Receivable | $ 334,800 |
.
| Account title and explanation | Debit | Credit |
| Cash | $ 1,626,800 | |
| Due from Factor | $ 176,400 | |
| Loss on disposal of receivables | $ 334,800 | |
| Accounts Receivables | $ 1,960,000 | |
| Recourse liability | $ 178,000 |
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1.
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2.
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investments during 2020, the first year in which Bridgeport
invested in equity securities:
1.
On January 15, purchased 9,540 shares of Nirmala Corp.’s common
shares at $35.50 per share plus commission of $2,100.
2.
On April 1, purchased 5,300 shares of Oxana Corp.’s common
shares at $55 per share plus commission of $3,572.
3.
On September 10, purchased 7,420 shares of WTA Corp.’s
preferred shares at $28.40 per share plus commission of
$3,085....
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