Preceeding post balance sheet events

Reference no: EM13149344

Keystone corporation issued its fiunancial statments for the year ended december 312010 on March 102011. The following events took place early 2011.

A. On January 10, 10000 shares of $5 par value common stock were issued at $66 per share.

B. On MArch 01 Keystone determined after negotiations with the internalrevenue service that incometaxespayable for 2010 shoul be $1320000. At Dec 31 2010 income taes payable were recorded at 1100000.

Discuss how the preceeding post balance sheet events shoul be reflkected in the 2010 financial statments.

Reference no: EM13149344

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