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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)

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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] Phantom Incorporated, reported the following account balances on January 1. The company entered into the following transactions during the year. January 15 Iseued 15,000 shares of $1 par common stock for $70,000 cash. January 31 Coliected $3,000 from customers on account. Pebruary is Reacquired 3,200 shareil of $1 par common stock into treasury for $35,200 cash. March 15 Reinsued 2,200 shores of treasury btook for $26,200 eash. Nugust 15 Resssued 600 nbares of treasury steck for $4,600 eash. september 15 Declared (but did not yot pay) a 51 eash dividend on each outatanding ahare of comen stock. october 1 tesued 100,10 -year, \$1, 110 bond, at a quoted bond priee of 101 . October 3 Wrote off a $1,500 balance due from a eustoner who went bankrupt. Decenber 29 recorded $250,000 of service revenue, all of which was eollected in canh. Decenber 30 pald $220,000 cash for this year's wagen through Decenber 31 . (Ignore payrol1 taxes and payroli. and income taxes i) Use the dropdowns to select the accounts properly included on the classified balance sheet. However, you will need to eniter the amount of Retained earnings. At the end of the year, the adjusted net income was $20,000

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