C11-1 (Algo) Financial Reporting of Depreciation, Write-off, Bond Issuance and Common Stock Issuance, Purchase, Reissuance, and Cash Dividends [Chapters 4, 8, 9, 10, and 11) [LO 4-2, 4-5, 8-2, 9-3, 10-3, 11-2, 11-3] Ocean View Properties, reported the following account balances on January 1. Debit $ 5,000 Allowance for Doubtful Accounts Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Credit $ 30,000 106,000 2,000 Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-tern) Retained Earnings Treasury Stock e 263,000 14,000 10,000 14,000 120,000 $282,000 $282,000 TOTALS The company entered into the following transactions during the year. January 15 Issued 13,000 shares of $1 par common stock for $66,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,160 shares of $1 par common stock into treasury for $34,760 cash. March 15 Reissued 2,160 shares of treasury stock for $25,760 cash. August 15 Reissued 600 shares of treasury stock for $4,600 cash. September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. October 1 Issued 100, 10-year, $1,090 bonds, at a quoted bond price of 101. October 3 Wrote off a $1,500 balance due from a customer who went bankrupt. December 29 Recorded $246,000 of service revenue, all of which was collected in cash. December 30 Paid $2167000 cash for this year's wages through December 31. (Ignore payroll taxes and payroll deductions.) December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) General Requirement Journal General Ledger Debt to Assets Trial Balance Balance Sheet Ratio Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)