On May 9, 2019, Glenna purchases 500 shares of Ignaz Company stock for $54,400. On June 30, 2019, she writes a call option on the stock, giving the grantee the right to buy the stock for $68,000 during the following 12-month period.
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Mary's Music Store reported net income of $142,000. Beginning balances in Accounts Receivable and Accounts Payable were $25,500 and $18,500, respectively. Ending balances in these accounts were $30,500 and $12,200, respectively.
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