At December 31, 20X1, Suiza Inc. had $1,250,000 in assets and $630,000 in liabilities. For the year ended December 31, 20X1, net income was $45,000.
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On January 2, 2021, L Co. issued at face value $26,000 of 4% bonds convertible in total into 2,200 shares of L's common stock. No bonds were converted during 2021. Throughout 2021, L had 2,200 shares of common stock outstanding.
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