Kenton Limited began retail operations on January 1, 2008. On that date it issued 10,000 shares of common stock for £50,000. On January 31, Kenton used £48,000 of the proceeds to rent a store, paying in advance for the next two years. Kenton also purchased £12,000 of merchandise on credit, agreeing to pay the supplier within 30 days. Kenton applies IFRS.
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