A LA EE 2 T Styles Style Pane KSA reported the following Balance Sheet as of 12/31/2018: Balance Sheet as of 12/31/2018 Cash $12,000 Accounts Receivable, 3,000 net Inventory 5,000 Prepaid Rent 9,000 Current Assets 29,000 Equipment 27,000 Accumulated -6,750 Depreciation Equipment, Net 20,250 Total Assets 49,250 Accounts Payable 8,240 Unearned Revenue 1,000 Current Liabilities 9,240 Bonds Payable 13,000 I Total Liabilities 22,240 Common Stock 500 APIC 10,000 Retained Earnings 16,510 Total Shareholders' 27,010 Equity Total Liabilities and 49,250 Shareholders' Equity We now begin the year 2019. The following transactions occurred in 2019. Record JE's on next page. a. On January 1, issued a $1,000 face value bond. The bond was sold at par. The bond matures on 12/31/2021 and has a yield of 8%. b. On January 2, issued 20,000 shares of stock with a par value of $1 in exchange for equipment worth $70,000. The equipment cost $6,000 to ship, and shipping was paid in cash c. Purchased 800 speedometers from a supplier on account for $7 each. d. Sold 1,600 speedometers to a dealership for $20 each. There were 1,000 units in the 12/31/18 inventory balance, and the value was determined using the FIFO method. e. Traded all of its equipment for a patent valued at $18,000. f. Accrued $15,000 in salary/wage expense that will be paid next Friday. The company withholds $2,000 from the employees' salaries for federal income taxes. 9 Pays the coupon on the bond in (a). words T Challah