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The following information pertains to Ming Corp. at January 1, 2016:
Ming Corp. completed the following transactions during 2016:
1. Issued 2,000 shares of $10 par common stock for$16 per share.
2. Repurchased 500 shares of its own common stock for $18 per share.
3. Resold 120 shares of treasury stock for$20 per share.
Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock.
Layton Company purchased tool sharpening equipment on October 1,2014, for $108,000. The equipment was expected to have a useful life of three years, or 12,000 operating hours, and a residual value of$7,200. The equipment was used for 1,350 hours during 2014, 4,200 hours in 2015, 3,650 hours in 2016, and 2,800 hours in 2017. Instructions Determine the amount of depreciation expense for the years ended December 31, 2014, 2015, 2016, and 2017, by (b) the units-of-output method.