comprehensive accounting cycle review 11-1

Comprehensive Accounting Cycle Review 11-1 Ayayai Corp.'s balance sheet at December 31, 2016, is presented below. AYAYAI CORP Balance Sheet December 31, 2016 Cash $26,000 Accounts payable $27,000 75,000 138,650 Accounts receivable Allowance for doubtful accounts Supplies Land Buildings 46,000 Common stock ($10 par) 1,900) Retained earnings 4,800 44,500 144,000 Accumulated depreciation-buildings (22,750) $240,650 $240,650 During 2017, the following transactions occurred 1. on January 1, 2017, Ayayal issued 1,300 shares of $49 par, 8% preferred stock for $66,300. 2. On January 1, 2017, Ayayai also issued 840 shares of the $10 par value common stock for $20,500. 3. Ayayai performed services for $322,000 on account 4. On April 1, 2017, Ayayal collected fees of $37,000 in advance for services to be performed from April 1, 2017, to March 31, 5. Ayayai collected $285,000 from customers on account. 6. Ayayai bought $36,000 of supplies on account. 7. Ayayai paid $30,000 on accounts payable. 8. Ayayai reacquired 470 shares of its common stock on June 1, 2017, for $27 per share. 9. Paid other operating expenses of $180,000. 10. On December 31, 2017, Ayayai declared the annual preferred stock dividend and a $1.00 per share dividend on the outstanding