Cash Accounts Receivable, net Inventory Prepaid Rent $12,000 3,000 5,000 9,000 Current Assets Patent 29,000 12,000 Equipment 15,000 Accumulated Depreciation -6,750 Equipment, Net 8,250 Total Assets 49,250 Accounts Payable 8,240 Unearned Revenue 1,000 Current Liabilities 9,240 Bonds Payable 13,000 Total Liabilities 22,240 Common Stock 500 APIC 10,000 Retained Earnings 16,510 Total Shareholders' 27,010 Equity Total Liabilities and 49,250 Shareholders' Equity as of 12/31/2018: We now begin the year 2019. The following transactions occurred in 2019. Record JE's on next page. f. a. Issued 500 shares at a market price of $25/ share. All of KSA's outstanding shares have a par value of $1. b. Traded the Patent and $10,000 cash for a plot of land worth $20,000. Purchased 900 speedometers from a supplier on account for $12 each. C. d. Sold 1,200 speedometers to a dealership for $20 each on account. There were 500 units in the 12/31/18 inventory balance, and the value was determined using the LIFO method. e. Collected all of the amount owed by the customer in (d.) on the 29th day after the sale. KSA offers this customer 2/15 net 30 terms. Sold 100 more units at $20 each. Because it was an in-person sale, KSA had to charge a sales tax of 5%. Customer paid the full amount in cash. g. Declared a dividend of $2/share. The date of record is on 1/4/2020