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HELP ASAP NOT EQUALING Chestnut Corporation, reported the following account balances on January 1. The company entered into the following transactions during the year. January

HELP ASAP NOT EQUALING

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image text in transcribedimage text in transcribed Chestnut Corporation, reported the following account balances on January 1. The company entered into the following transactions during the year. January 15 Issued 19,000 shares of $1 par common stock for $78,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,280 shares of $1 par common stock into treasury for $36,080 cash. March 15 Reissued 2,280 shares of treasury stock for $27,080 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, \$1,150 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 $258,000 of service revenue, all of which was collected in cash. December 30 Paid $228,000 cash for this year's 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 i and income taxes.) Use the dropdowns to select the accounts properly included on the classified balance sheet. However, you will need to enter the amount of Retained earnings. At the end of the year, the adjusted net income was $20,000. \begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{ CHESTNUT CORPORATION } \\ \hline \multicolumn{2}{|l|}{ Classified Balance Sheet } \\ \hline \multicolumn{2}{|l|}{ At December 31} \\ \hline \multicolumn{2}{|l|}{ Assets } \\ \hline \multicolumn{2}{|l|}{ Current Assets } \\ \hline Cash & 695,750 \\ \hline Accounts Receivable & 500 \\ \hline \multirow[t]{2}{*}{ Allowance for Doubtful Accounts } & (500) \\ \hline & 0 \\ \hline Total Current Assets & 695,750 \\ \hline Buildings & 275,000 \\ \hline Accumulated Depreciation-Buildings & (40,000) \\ \hline Total Assets & 930,750 \\ \hline \multicolumn{2}{|l|}{ Liabilities and Stockholders' Equity } \\ \hline \multicolumn{2}{|l|}{ Liabilities } \\ \hline \multicolumn{2}{|l|}{ Current Liabilities } \\ \hline Dividends Payable & 28,600 \\ \hline Salaries and Wages Payable & 228,000 \\ \hline Total Current Liabilities & 256,600 \\ \hline \multicolumn{2}{|l|}{ Noncurrent Liabilities } \\ \hline Notes Payable (long-term) & 17,000 \\ \hline Bonds Payable & 150,000 \\ \hline \multirow[t]{2}{*}{ Premium on Bonds Payable } & (33,850) \\ \hline & 0 \\ \hline Total Noncurrent Liabilities & 133,150 \\ \hline Total Liabilities & 389,750 \\ \hline \multicolumn{2}{|l|}{ Stockholders' Equity } \\ \hline Common Stock & 29,000 \\ \hline Additional Paid-In Capital, Common Stock & 177,000 \\ \hline Retained Earnings & 111,400 \\ \hline Total Stockholders' Equity & 317,400 \\ \hline \end{tabular}

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