Liabilities Wages Payable $ $ Interest Payable $ i $ Dividends Payable $ 1. On January 1 , the company issued 9,800 common shares for $245,000. 2. On January 2 , the company borrowed $52,300 from the bank. 3. On January 3, the company purchased land and a building for a total of $230,000 cash. The land was recently appraised at a fair market value of $69,000. (Note: Because the building will be depreciated in the future and the land will not, these two assets should be recorded in separate accounts.) 4. Inventory costing $133,000 was purchased on account. 5. Sales to customers totalled $230,000. Of these, $175,000 were sales on account. 6. The cost of the inventory that was sold to customers in transaction 5 was $123,300. 7. Payments to suppliers on account totalled $121,000. 8. Collections from customers on account totalled $153,000. 9. Payments to employees for wages were $56,700. In addition, there was $1,800 of unpaid wages at year end. 10. The interest on the bank loan was recognized for the year. The interest rate on the loan was 6%. 11. The building was estimated to have a useful life of 30 years and a residual value of $23,000. The company uses the straightline method of depreciation. 12. The company declared dividends of $7,300 on December 15, 2024, to be paid on January 15, 2025 . Assets Trans. 1. 2. 3. 230,000 4. \begin{tabular}{|r|} \hline133,000 \\ \hline \end{tabular} 5. \begin{tabular}{|r|} \hline 230,000 \\ \hline \end{tabular} 6. 7. 8. 9. 10. 11. 12. Accounts Receivable $ Inventory $