Borgen Inc. had the following business events over the fourth quarter.Make the appropriate journal entries:

10/6:Received $80,000 for work to be performed over the next 9 months.

10/22:Sold $20,000 worth of goods on account for $50,000 on terms of 2/10, n/30.Borgen uses the net method

10/24:Paid $40,000 for bonds with a face value of $38,000

11/2:Repurchased $15,000 worth of Borgen stock

11/18:Wrote off $2,000 worth of uncollectible accounts

11/20:Collected the $50,000 owed from 10/22

12/7:Purchased $20,000 worth of inventory on account on terms 1/15, n/30.Borgen uses the net method

12/18: Paid a dividend of $80,000 to shareholders

12/22:Sold equipment with a book value of $45,000 for $38,000 in cash.The equipment originally cost $100,000.

12/29:Paid for the inventory purchased on 12/7

12/31:Expected uncollectible accounts for the year upcoming total $5,000.The current balance in the allowance for doubtful accounts is a $500 debit

12/31:Adjusted existing trading securities to their fair value.The securities had unrealized losses of $3,000 for the quarter

12/31:Assets depreciated $12,000 for the quarter

12/31:Did the requisite work to earn $25,000 of the money received on 10/6

12/31:Have $18,000 of salaries owed to employees which have to be paid on 1/5