4 . Joey the Bookkeeper provided you ( the Accountant ) with the following transactions that still need to be recorded:

a ) A used truck was acquired by issuing common stock - the total value of the transaction.

Estimated truck value- $ 26,000

Estimated stock value - $ 30,000

Similar trucks sell for $ 28,000

b ) A $ 10,000 dividend was declared and $ 2,000 was still owed

c ) Equipment with a cost of $ 50,000 and a book value of $ 30,000 was sold to the sole stockholder of the company with a promise to pay $ 25,000 early next year.

d ) Company borrowed $ 700,000 from Cash Flow Matters Bank on 6/30 at 10 % interest. Principal payments of $ 50,000 are due every 6 months. Interest still needs to be recorded.

e ) Depreciation on the building was changed from the straight-line method to a double-declining balance during the year. The building is 10 years old and had been depreciated over the straight-line method until this year assuming no residual value. New useful life shows 15 years left using DDB depreciation. Joey left this for you to calculate.

f ) On April 1, inventory was sold on a noninterest-bearing note receivable that is due to be paid in 4 years. A typical rate of interest on a similar note is 8% . COGS was already recorded on this transaction. Joey figured you'd be able to figure this one out

Record adjusting journal enries.