Sam Company [the firm] was formed on May 31, Year 1, when three owners each invested $12,000. On that same date, one of the owners lent $8,000 to the…

Sam Company [the firm] was formed on May 31, Year 1, when three owners each invested $12,000. On that same date, one of the owners lent $8,000 to the firm. {We will ignore interest on the borrowed money for this quiz.]

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