For the following transaction,provide all of the required journal entries from inception to liquidation. Assume a December 31 year end and that the company does not prepare interim statements. Round all amounts to nearest dollar.
Definitions:
Government Regulation
Government regulation refers to the laws and rules established by governmental bodies that impose restrictions, requirements, or obligations on the operations of businesses and individuals.
Corporate Form of Organization
A legal structure utilized by businesses that allows them to be recognized as separate legal entities from their owners, providing benefits like limited liability.
Income Tax
A tax levied by governments on the income earned by individuals and businesses.
Shareholders' Equity
The residual interest in the assets of a corporation that remains after deducting its liabilities, representing ownership interest in the company.
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