Prepare journals entries for the following, assuming the company uses a perpetual inventory method and records purchases at their net amounts.
Definitions:
Equity Risk
The risk of loss associated with fluctuations in the equity market, impacting the value of stocks and shareholders' investments.
Operating Activities
Business activities and transactions related to the core operations of a company, such as sales, merchandise production, and service delivery.
M&M Proposition I
A theory stating, under certain conditions, that the value of a firm is unaffected by how it is financed, whether through debt or equity.
Interest Tax Shield
The reduction in income taxes that results from taking a deductible charge, such as interest on debt, reducing taxable income.
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