Below are the 2014 and 2015 year-end balance sheets for Tran Enterprises: Liabilities and equity: The firm has never paid a dividend on its common stock,and it issued $2,400,000 of 10-year,non-callable,long-term debt in 2014.As of the end of 2015,none of the principal on this debt had been repaid.Assume that the company's sales in 2014 and 2015 were the same.Which of the following statements must be CORRECT?

Question

Below are the 2014 and 2015 year-end balance sheets for Tran Enterprises:  Liabilities and equity:  The firm has never paid a dividend on its common stock,and it issued $2,400,000 of 10-year,non-callable,long-term debt in 2014.As of the end of 2015,none of the principal on this debt had been repaid.Assume that the company's sales in 2014 and 2015 were the same.Which of the following statements must be CORRECT?

Quizplus · Accepted Answer

The Answer of Below are the 2014 and 2015 year-end balance sheets for Tran Enterprises:  Liabilities and equity:  The firm has never paid a dividend on its common stock,and it issued $2,400,000 of 10-year,non-callable,long-term debt in 2014.As of the end of 2015,none of the principal on this debt had been repaid.Assume that the company's sales in 2014 and 2015 were the same.Which of the following statements must be CORRECT?

Below Are the 2014 and 2015 Year-End Balance Sheets for Tran