Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers trains for a fee. The company has been in business for five years. At the end of the previous year, the accounting records reflected total assets of $600,000 and total liabilities of $250,000. During the current year, the following summarized events occurred:

1. Issued additional shares of common stock for $120,000 cash.
2. Borrowed $129,000 cash from the bank and signed a 10-year note.
3. Built an addition on the buildings for $232,000 and paid cash to the contractor.
4. Purchased equipment for the new addition for $47,500, paying $4,750 in cash and signing a note for the balance due in two years.
5. Returned a $4,750 piece of equipment, from (d), because it proved to be defective; received a reduction of the notes payable.
6. Purchased a delivery truck (equipment) for $10,250; paid $7,175 cash and signed a two-year note for the remainder.
7. A stockholder sold $5,450 of his stock in Mallard Incorporated to his neighbor.

Required:

1. 1. Complete the spreadsheet that follows. The first transaction is used as an example.

2. 3. Based on beginning balances plus the completed spreadsheet, provide the Total assets, liabilities and stockholders' equity at the end of year.

3. 4. As of the current year-end, has the financing for MIs investment in assets primarily come from liabilities or stockholders equity?

Required 1Required 3Required 4 Complete the spreadsheet that follows. The first transaction is used as an example. (Enter any decreases to account balances with a minus sign. Liabilities+Stockholders' Equity Common Retained Earnings Assets Cash Equipment Buildings Notes Payable Stock 120,000 120,000 b. C. d. End Required 3> Complete this question by entering your answers in the tabs below. Required 1Required 3Required 4 Based on beinningbalances plus the completed spreadsheet, provide the Total assets, liabilities and stockholders equity at the end of year Amount a. Total assets at the end of the year. b. Total liabilities at the end of the year c Total stockholders' equity at the end of the year Required 1 Required4 > Complete this question by entering your answers in the tabs below. Required 1Required 3Required 4 As of the current year-end, has the financing for MI's investment in assets primarily come from liabilities or stockholders equity? Liabilities OStockholders' Equity Required 3 Required4