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ACC325  -  ACCOUNTING CYCLE PROBLEM  -  FALL 2009 The problem is designed to give you a sense of how the accounting cycle works  from journalizing transactions through the preparation of formal financial statements.  The ACP will be graded on completeness of steps and presentation, rather than just on  obtaining the correct answer.  However, to receive the maximum points available, it  must be both complete and correct. For the information provided below for the Eagle Corporation  during 2008 complete  all  steps in the accounting cycle described in Illustration 3-6 on page 68 in  your text .  Round all answers and journal entries to the nearest whole dollar . On January 15, 2008, investors contributed $895,000 in exchange for 11,000 shares  of $10 par common stock of Eagle Corporation, a retailing company. Eagle took out a 12%, $178,530 bank loan on February 1, 2008.  The installment 
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