W1 Course Project
Course Project Overview is attached.
Summary of the project and the detailed instructions for this week is below.
Write your initial thoughts regarding the following case and project. Then write up 5-7 sentences (good paragraph) with a reference to the case as found in this material as provided.
Nancy Corporation agreed to sell its common stock to Eddie Corporation for five monthly payments of $100,000. Eddie Corporation made the first payment, but did not make any other payments. According to the stock subscription agreement, Eddie Corporation forfeits its payment and is entitled to no further consideration. How should Nancy Corporation account for the $100,000 forfeited payment?