The Opening Balance of Shareholders' Equity for Sedona Transport Was

question 6

Multiple Choice

The opening balance of shareholders' equity for Sedona Transport was $530,000.During the year, Sedona issued 50,000 common shares at market price of $3.50 per share.The company earned net income of $152,400, recorded other comprehensive income of ($2,300) , and paid dividends of $10,000.What is the closing balance of shareholders' equity?

• A)$670,100
• B)$847,400
• C)$845,100
• D)$877,400

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Definitions:

Cochlea

A spiral-shaped cavity in the inner ear that plays a key role in the sense of hearing by converting sound waves into nerve impulses.

Tympanic Membrane

Also known as the eardrum, a thin membrane that separates the external ear from the middle ear and vibrates in response to sound waves.

Auditory Fluids

Liquids found within the ear, vital for the process of hearing; includes perilymph and endolymph.

Ossicles

Small bones, particularly the three in the middle ear (malleus, incus, and stapes) that aid in hearing by transmitting sound vibrations.