National Companies, reported the following account balances on January 1. Debit Credit Accounts Receivable $ 5,000 Accumulated Depreciation $ 30,000 Additional Paid-in Capital 120,000 Allowance for Doubtful Accounts 2,000 Bonds Payable 0 Buildings 277,000 Cash 17,500 Common Stock, 10,000 shares of $1 par 10,000 Notes Payable (long-term) 17,500 Retained Earnings 120,000 Treasury Stock 0 TOTALS $ 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 years 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.)

General Journal tab - Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs.

Balance Sheet tab - Prepare the noncurrent liabilities and stockholders equity sections of the balance sheet at December 31. At the end of the year, the adjusted net income was $20,000.