Bangor Company was started on January 1, 2007 when $8,500 cash was acquired by issuing stock to investors. Also, on January 1, 2007, the company purchased office equipment for cash at a cost of $5,200. The equipment had a five year useful life and a $1,000 salvage value. Bangor earned Bangor earned $1,500 cash revenue during 2007 and $1,500 in cash revenue during 2008.
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