Cedric Productions, reported the following account balances on January 1.

	Debit	Credit
Accounts Receivable	$ 5,000
Accumulated Depreciation		$ 30,000
Additional Paid-in Capital		128,000
Allowance for Doubtful Accounts		2,000
Bonds Payable		0
Buildings	285,000
Cash	19,500
Common Stock, 10,000 shares of $1 par		10,000
Notes Payable (long-term)		19,500
Retained Earnings		120,000
Treasury Stock	0
TOTALS	$ 309,500	$ 309,500

The company entered into the following transactions during the year.

January 15	Issued 24,000 shares of $1 par common stock for $88,000 cash.
January 31	Collected $3,000 from customers on account.
February 15	Reacquired 3,380 shares of $1 par common stock into treasury for $37,180 cash.
March 15	Reissued 2,380 shares of treasury stock for $28,180 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, $1,200 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 $268,000 of service revenue, all of which was collected in cash.
December 30	Paid $238,000 cash for this years 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.)