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During Year 2 , the business experienced the following events. Signed a note with the bank in exchange for $ 8 0 0 , 0

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During Year 2, the business experienced the following events.
Signed a note with the bank in exchange for $800,000 cash.
Purchased Land, a Building & remodeled the building for the following amounts: Land = $281,250; Building + Remodel =$438,750
Purchased and installed freezer $4,289
In the prior year, CIC sold a parcel of land and received in return cash and a note receivable of $10,000, due January 31, Year 2. The note carries interest at the rate of 8%.$733 of interest was recorded as of Dec 31, year 1. Record the remaining interest due and receipt of interest from the note receivable.
Recorded purchase of 6,000 units of ice cream at $4.50 each, on account.
Recorded sale of 5,500 units of ice cream at $8.00 each, on account.
Sold 6,000 shares of the $1 par common stock for $10 per share.
Sold 4,000 shares of the 6 percent preferred stock for $150 per share.
Recorded purchase of 5,000 units of ice cream at $5.00 each, on account.
Recorded sale of 4,750 units of ice cream at $8.00 each, on account.
Recorded cash payment of the storage and delivery bill for July - Dec, $7,800.
Recorded cash payment to W.T. for wages for July - Dec of $3,000.
Recorded receipt of $45,000 from customers on account.
Recorded payment to the manufacturer of $28,000 of the amount owed.
Completed a consulting job with My Assistant's new owners to help with year end financials in exchange for $25,000 & a consulting job with a company similar to My Assistant as a startup venture in exchange for $25,000.
Declared a $0.50 per share dividend on the common stock. There were 15,000 shares in beginning common stock.
Declared cash dividend on the outstanding shares of preferred stock for the year
Paid dividends owed to stockholders of record on December 10.
Record depreciation on building (see packet 17 for details)
Record depreciation on truck with a salvage value of $8,750 and a useful life of 5 years
Record depreciation on freezer (equipment - see packet 17 for details
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