Discuss whether Person B is behaving in a professional manner.

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Blossom Corporation issues 72000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $4320000 and a credit or credits to ○ Preferred Stock for $4320000 ○ Preferred Stock for $3600000 and Paid-in Capital in Excess of Par-Preferred Stock for $720000 ○ Preferred Stock for $3600000 and Retained Earnings for $720000 ○ Paid-in Capital from Preferred Stock for $4320000

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Chapter 9, Problem 1CP

To determine

Discuss whether Person B is behaving in a professional manner.

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Blossom Corporation issues 72000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $4320000 and a credit or credits to ○ Preferred Stock for $4320000 ○ Preferred Stock for $3600000 and Paid-in Capital in Excess of Par-Preferred Stock for $720000 ○ Preferred Stock for $3600000 and Retained Earnings for $720000 ○ Paid-in Capital from Preferred Stock for $4320000

The current sections of Kingbird Inc's balance sheets at December 31, 2024 and 2025, are presented here. Kingbird's net income for 2025 was $107,100. Depreciation expense was $18,900. 2025 2024 Current assets Cash $73,500 $69,300 Accounts receivable 56,000 62,300 Inventory 117,600 120,400 Prepaid expenses 18,900 15,400 Total current assets $266,000 $267,400 Current liabilities Accrued expenses payable $10,500 $3,500 Accounts payable 59,500 64,400 Total current liabilities $70,000 $67,900 Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2025, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) KINGBIRD INC. Statement of Cash Flows (Partial) - Indirect Method For the Year Ended December 31, 2025 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Depreciation Expense 18900 6300 Decrease In Accounts Receivable…

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