a. On January 1, Lumia Company's liabilities are $67,000 and its equity is $47,000. On January 3, Lumia purchases and installs solarpanel assets costing $17,000. For the panels, Lumia pays $7,500 cash and promises to pay the remaining $9,500 in six months.What is the total of Lumia's assets after the solar panel purchase?b. On March 1, ABX Company's assets are $107,000 and its liabilities are $37,000. On March 5, ABX is fined $18,500 for failingemission standards. ABX immediately pays the fine in cash. After the fine is paid, what is the amount of equity for ABX?c. On August 1, Lola Company's assets are $37,000 and its liabilities are $17,000. On August 4, Lola issues a sustainability reportfollowing SASB guidelines. Investors react positively to this report. On August 5, a new investor contributes $6,500 cash and$10,500 in equipment in exchange for ownership in Lola. After the investment, what is the amount of equity for Lola?Complete this question by entering your answers in the tabs below.Required A Required B Required COn January 1, Lumia Company's liabilities are $67,000 and its equity is $47,000. On January 3, Lumia purchases and installssolar panel assets costing $17,000. For the panels, Lumia pays $7,500 cash and promises to pay the remaining $9,500 in sixmonths. What is the total of Lumia's assets after the solar panel purchase?Liabilities + EquityJanuary 1ChangeJanuary 3Assets=11=11II6967,000+ $+47,000

Hi studentSince there multiple questions, we will answer only first question.

a. On January 1, Lumia Company's liabilities are $67,000 and its equity is $47,000. On January 3, Lumia purchases and installs solar panel assets costing $17,000. For the panels, Lumia pays $7,500 cash and promises to pay the remaining $9,500 in six months. What is the total of Lumia's assets after the solar panel purchase? h On March 1 ABY Company's 2000

a. On January 1, Lumia Company's liabilities are $67,000 and its equity is $47,000. On January 3, Lumia purchases and installs solar panel assets costing $17,000. For the panels, Lumia pays $7,500 cash and promises to pay the remaining $9,500 in six months. What is the total of Lumia's assets after the solar panel purchase? h On March 1 ABY Company's 2000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 63P

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