Reference no: EM131703897
Question - The Brownie Corporation was incorporated on January 1, 2015. The following transactions occurred in the month of January.
1. Issued 4,000 shares of $100 par-value, 3%, preferred stock for $36,000.
2. Received $481,000 from an IPO of 152,000 shares of $1 par common stock.
3. Signed a $277,000, 10-year, 6%, note with the Capital One.
4. Purchased $73,500 of furniture, fixtures and computers. Made a 13% down payment and signed a 5-year mortgage for the remaining amount owed.
4. Paid $40,300 annual rent for retail and office space.
6. Purchased $2,993 merchandise on account.
7. Paid $276, set-up charges for the fixtures and $1,117 for freight and delivery for the office furniture.
8. Received the merchandise and discovered that $407 of the merchandise was defective. The company returned the defective items, notified the supplier and recievd a credit on the store account.
9. Paid $22,892 for a full year of fire and liability insurance.
10. Paid 78% of the remaining merchandise invoices in time to take a 4% discount.
What amount of funds did The Brownie Company raise through debt financing in January 31?
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