Chapter 1, Problem 14.2EC

What is the balance in Retained Earnings on these financial accounting question?

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Determine the predetermined overhead rate for 2022.

Sin Carter's start-up business is growing rapidly, but he needs $300,000 in additional funding to support continued expansion. Sin and an angel investor agree that the business is currently worth $1,200,000, and the angel investor is willing to invest the $300,000 needed. Sin currently owns all 60,000 shares in his business. What is a fair price per share, and how many additional shares must Sin sell to the angel investor?

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On March 1, 2024, Eastlake Corporation, which uses the straight-line method, purchases equipment for $95,000. The company expects the equipment to last for 10 years and expects the equipment to have a residual value of $15,000. What is the annual depreciation rate? a. 8.42% b. 8.95% c. 10.00% d. 12.67%

Required: Management has requested that you do the following: a. Prepare a traditional income statement. b. Prepare an activity-based income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a traditional income statement. Traditional Income Statement Required A Required B Prepare an activity-based income statement. Costs Unit Batch Activity-Based Income Statement Resources Used Unused Resource Capacity Resources Supplied $ 0 $ 0 $ 0 0 $ 0 $ 0 Product and customer sustaining $ 0 $ 0 $ 0 Capacity sustaining $ 0 $ 0 $ 0 Total costs 0 0 0 $ Total costs