Debit	Credit
Cash	34,240
Accounts Receivable	67,600
Allowance for Doubtful Accounts		300
Inventory	28,500
Equity Securities (at Fair Value)	17,274
FV Adjustment - Equity Securities	1,300
Investment in Ramsey Corporation	70,000
Equipment	78,126
Accum Deprec-Equip		19,200
Building	246,700
Accum Deprec - Building		47,000
Land	50,000
Right of Use Asset	89,302
Accounts Payable		57,500
Lease Liability		69,302
Bank Loan		25,935
Common Stock ($6.50 par)		65,000
Paid in Capital - Common Stock		86,400
Retained Earnings		138,080
Treasury Stock (100 shares)	2,200
Sales		441,385
Design and Installation Revenue		259,000
Cost of Goods Sold	192,400
Operating Expenses	244,000
Depreciation Expense	2,900
Interest Expense	14,700
Income Tax Expense	69,860
TOTAL	1,209,102	1,209,102

Record In Gerneral Ledger

1. The balance in the Land account represents 2 parcels of land. Land purchased for $33,000 is where Gordon Corporations office building and retail store were constructed. Gordon also owns land purchased for $17,000 that is currently vacant and not used in operations. The corporation purchased the land in 2021 as a future building site for a warehouse and the purchase was correctly recorded.

2. In September 2021, a storm with straight-line winds caused a large tree on the vacant land Gordon owns to be uprooted and fall. This resulted in significant damage to a building on an adjacent property. That property owner is suing Gordon for $100,000 above the amount he has already received for the property damage. In January 2022, the property owners attorney said his client would settle for $20,000. Gordon accepted that settlement and will be paying the property owner on or before March 1, 2022.