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At the beginning of 2016, Better Corp.'s accounting records had the following general ledger accounts and balances.
Better Corp. completed the following transactions during 2016:
1. Purchased land for $5,000 cash.
2. Acquired$25,000 cash from the issue of common stock.
3. Received $75,000 cash for providing services to customers.
4. Paid cash operating expenses of$42,000.
5. Borrowed $10,000 cash from the bank.
6. Paid a$5,000 cash dividend to the stockholders.
7. Determined that the market value of the land purchased in event 1 is $35,000.
Record the transactions in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table.
Nora Beck is 80 and has an IRA with a fair market value of $350,000. (a) Use the uniform lifetime table to determine her required minimum distribution. (b) What penalty would she incur if she failed to take the distribution? (c) What penalty would she incur if she had made an early withdrawal of$20,000 to pay for her grandchild's college education?