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$10,000 common shareholders prehensive Problem - Part 4 . This problem is a continuation of Problem #13 in C account balances as at December 31, 2018 are as fe 2,900; Accounts receivable $10,000; Merchandise inver Said rent $3,150; Equipment $55,000; Accumulated 750; Land $40,000; Accounts payable $0; Long-term 2,000; Common shares $440,000; and Retained earnin The following transactions and events occurred in 1 Issued $50,000 of 5% preferred shares for 1 Sold the equipment at its written-down value for cash. 1 Acquired new equipment for $150,000 cas equipment has an estimated useful life of 15 expected residual value. 1 Purchased inventory for $80,000 cash fr suppliers 1 Paid rent in advance of $3,200 on a six-mont g. 1 Made cash sales of $150,000. The related sold was $65,000. ot. 1 Purchased additional land for cash of $20.0 t. 31 All remaining accounts receivable were coll c. 30 Various operating expenses totalled $40,000. in cash except for $5,000 for utilities, which January c. 31 Paid the annual dividend on the preferred s cent dividend per common share. ec. 31 Paid the interest on the bank loan. ec. 31 Recorded depreciation for the new equipnu ec. 31 Recorded rent expense for 2019. ec. 31 Paid cash of $3,800 for income taxes. in Chapte This problem Jan. for cash. Jan. expected residual value. Apr. suppliers. The account balances as at December 31, 2018 are as follows S602.900; Accounts receivable $10,000; Merchandise inventory $200.000; Common shares $440,000; and Retained earnings S6 $13,750; Land $40.000; Accounts payable $0: Long-term note Prepaid rent $3.150; Equipment $55,000; Accumulated depre The following transactions and events occurred in 2019 1 Sold the equipment at its written-down value (book 1 Issued $50,000 of 5% preferred shares for cash Jan. cquipment has an estimated useful life of 15 years 1 Purchased inventory for $80,000 cash from 1 Paid rent in advance of $3,200 on a six-month office July Aug. 1 Made cash sales of $150,000. The related costo sold was $65,000. Sept. 1 Purchased additional land for cash of $20,000. Dec. 30 Various operating expenses totalled $40,000. All we Oct. 31 All remaining accounts receivable were collected. in cash except for $5,000 for utilities, which will be January 20. 31 Paid the annual dividend on the preferred shares, cent dividend per common share. EC. 31 Paid the interest on the bank loan. C. 31 Recorded depreciation for the new equipment. c. 31 Recorded rent expense for 2019. . 31 Paid cash of $3,800 for income taxes. uired Using the transactions-based approach (tabular analysis the above transactions and events for 2019. Determine ing balances for all accounts that are included in the analysis. Prepare an income statement for the year 2019. Prepare a statement of changes in retained earnings year 2019. Prepare a balance sheet as at December 31, 2019. $10,000 common shareholders prehensive Problem - Part 4 . This problem is a continuation of Problem #13 in C account balances as at December 31, 2018 are as fe 2,900; Accounts receivable $10,000; Merchandise inver Said rent $3,150; Equipment $55,000; Accumulated 750; Land $40,000; Accounts payable $0; Long-term 2,000; Common shares $440,000; and Retained earnin The following transactions and events occurred in 1 Issued $50,000 of 5% preferred shares for 1 Sold the equipment at its written-down value for cash. 1 Acquired new equipment for $150,000 cas equipment has an estimated useful life of 15 expected residual value. 1 Purchased inventory for $80,000 cash fr suppliers 1 Paid rent in advance of $3,200 on a six-mont g. 1 Made cash sales of $150,000. The related sold was $65,000. ot. 1 Purchased additional land for cash of $20.0 t. 31 All remaining accounts receivable were coll c. 30 Various operating expenses totalled $40,000. in cash except for $5,000 for utilities, which January c. 31 Paid the annual dividend on the preferred s cent dividend per common share. ec. 31 Paid the interest on the bank loan. ec. 31 Recorded depreciation for the new equipnu ec. 31 Recorded rent expense for 2019. ec. 31 Paid cash of $3,800 for income taxes. in Chapte This problem Jan. for cash. Jan. expected residual value. Apr. suppliers. The account balances as at December 31, 2018 are as follows S602.900; Accounts receivable $10,000; Merchandise inventory $200.000; Common shares $440,000; and Retained earnings S6 $13,750; Land $40.000; Accounts payable $0: Long-term note Prepaid rent $3.150; Equipment $55,000; Accumulated depre The following transactions and events occurred in 2019 1 Sold the equipment at its written-down value (book 1 Issued $50,000 of 5% preferred shares for cash Jan. cquipment has an estimated useful life of 15 years 1 Purchased inventory for $80,000 cash from 1 Paid rent in advance of $3,200 on a six-month office July Aug. 1 Made cash sales of $150,000. The related costo sold was $65,000. Sept. 1 Purchased additional land for cash of $20,000. Dec. 30 Various operating expenses totalled $40,000. All we Oct. 31 All remaining accounts receivable were collected. in cash except for $5,000 for utilities, which will be January 20. 31 Paid the annual dividend on the preferred shares, cent dividend per common share. EC. 31 Paid the interest on the bank loan. C. 31 Recorded depreciation for the new equipment. c. 31 Recorded rent expense for 2019. . 31 Paid cash of $3,800 for income taxes. uired Using the transactions-based approach (tabular analysis the above transactions and events for 2019. Determine ing balances for all accounts that are included in the analysis. Prepare an income statement for the year 2019. Prepare a statement of changes in retained earnings year 2019. Prepare a balance sheet as at December 31, 2019