Acme, Inc. - Normal journal entries for the month of December, 2018: Dec 1 Issued 65,000 shares of common stock for $14 per share. Dec 1 Paid December rent of $7,500. Dec. 1 Issued $200,000 bonds at face with an interest rate of 10% due in 5 years. Dec 3 Purchased $350,000 of inventory terms 1/10, net 30. Dec 5 Sold land at cost for cash, $20,000 Dec 8 Sold equipment with original cost of $60,000 and tumulated depreciation of $35,000 for $18,000 cash. Purchased equipment for $50,000 cash. Dec 10 Sold inventory on account for $340,000 with a cost of $160,000, terms 2/15, net 30. Dec 11 Paid for merchandise inventory that was purchased on December 3rd. Dec 15 Paid utilities, $1,700. Dec 18 Wrote off uncollectible accounts, $18,000. Dec 19 Received payment in full for sale on December 10th. Dec 31 Declared and paid cash dividend of $0.40 per share. Dec 31 Paid wages and salaries of $9,200