National Companies, reported the following account balances on January 1. Credit Debit $ 5,000 $ 30,000 120,000 2,000 0 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS 277,000 17,500 10,000 17,500 120,000 0 $ 299,500 $ 299,500 The company entered into the following transactions during the year. January 15 Issued 20,000 shares of $1 par common stock for $80,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,300 shares of $1 par common stock into treasury for $36,300 cash. March 15 Reissued 2,300 shares of treasury stock for $27,300 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, $1,160 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 $260,000 of service revenue, all of which was collected in cash. December 30 Paid $230,000 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 interest and income taxes.) 1 Issued 20,000 shares of $1 par common stock for $80,000 cash. Record the transaction. 2 Collected $3,000 from customers on account. Record the transaction. 3 Reacquired 3,300 shares of $1 par common stock into treasury for $36,300 cash. Record the transaction. 4 Reissued 2,300 shares of treasury stock for $27,300 cash. Record the transaction. 5 Reissued 600 shares of treasury stock for $4,600 cash. Record the transaction. 6 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Record the transaction. 7 Issued 100, 10-year, $1,160 bonds, at a quoted bond price of 101. Record the transaction. 8 Wrote off a $1,500 balance due from a customer who went bankrupt. Record the transaction. 9 Recorded $260,000 of service revenue, all of which was collected in cash. Record the transaction. Paid $230,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. Record the transaction. 11 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) Record the transaction. 12 Prepare a closing journal entry for the income statement accounts, assuming the events on December 29-31 were the only transactions to affect income statement accounts. Record the transaction. 13 Prepare the closing entry for Dividends. Record the transaction