(Post-Balance-Sheet Events) Keystone Corporation issued itsfinancial statements for the year ended December 31, 2010, on March10, 2011. The following events took place early in 2011.(a) On January 10, 10,000 shares of $5 par value common stock wereissued at $66 per share.(b) On March 1, Keystone determined after negotiations with theInternal Revenue Service that income taxes payable for 2010 shouldbe $1,320,000. At December 31, 2010, income taxes payable wererecorded at $1,100,000.InstructionsDiscuss how the preceding post-balance-sheet events should bereflected in the 2010 financial statements.
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