Cash	$	80	Accounts Payable	$	26
Accounts Receivable		12	Wages and Other Expenses Payable		111
Inventories		188	Long-Term Debt		203
Other Current Assets		26	Other Long-Term Liabilities		44
Property, Plant, and Equipment		355	Contributed Capital		356
Other Assets		99	Retained Earnings		20

Assume that the following events occurred in the quarter ended December 31 (amounts provided are in whole dollars):

1. Paid $2,000,000 cash for an additional other asset.
2. Issued additional shares for $2,000,000 in cash.
3. Purchased property, plant, and equipment; paid $2,000,000 in cash and signed a note to pay the remaining $9,000,000 in two years.
4. Sold, at cost, other assets for $1,000,000 cash.
5. Conducted negotiations to purchase a sawmill, which is expected to cost $36,000,000.

transaction. asset =liabilities+shareowner's equity

a

b

c

d

e

2.

Record the transaction effects determined in requirement 1 using journal entries.

3.Summarize the journal entry effects from requirement 2 using T-accounts. Use the September 2017 ending balances as the beginning balances for the October to December 2017 quarter

4.Prepare a classified balance sheet at December 31, 2017