ome of 2 0) At the end of Year Two, the company paid device $10,000 to the preference shareholders and $25. common shareholders. 11. Comprehensive Problem - Part 4 years na This problem is a continuation of Problem #13 in Chapter The account balances is at December 31, 2018 are as follow $602.900; Accounts receivable $10,000; Merchandise inventory $13,750; Land $40,000: Accounts payable so, Long-term pole Prepaid rent $3.150; Equipment $55.000; Accumulated depreca $200,000; Common shares $440,000; and Retained carnings 563 The following transactions and events occurred in 2015 Jan 1 Sold the equipment at its written-down value (book 1 Issued $50,000 of 5% preferred shares for cash Jan. 1 Acquired new equipment for $150,000 cash. The for cash Jan. equipment has an estimated useful life of expected residual value. 1 Purchased inventory for $80,000 cash from Apr. 1 Paid rent in advance of $3,200 on a six-month office July 1 Made cash sales of $150,000. The related cost of you Aug. sold was $65.000 1 Purchased additional land for cash of $20,000. Sept Oct. 31 All remaining accounts receivable were collected Dec. 30 Various operating expenses totalled $40,000. All were put in cash except for $5,000 for utilities, which will be paid January Dec. 31 Paid the annual dividend on the preferred shares, and cent dividend per common share. Dec. 31 Paid the interest on the bank loan. Dec. 31 Recorded depreciation for the new equipment Dec. 31 Recorded rent expense for 2019. Dec. 31 Paid cash of $3,800 for income taxes. suppliers. Required (a) Using the transactions-based approach (tabular analysis), record the above transactions and events for 2019. Determine the end ing balances for all accounts that are included in the table analysis (b) Prepare an income statement for the year 2019. (c) Prepare a statement of changes in retained earnings for se year 2019. (d) Prepare a balance sheet as at December 31, 2019, ome of 2 0) At the end of Year Two, the company paid device $10,000 to the preference shareholders and $25. common shareholders. 11. Comprehensive Problem - Part 4 years na This problem is a continuation of Problem #13 in Chapter The account balances is at December 31, 2018 are as follow $602.900; Accounts receivable $10,000; Merchandise inventory $13,750; Land $40,000: Accounts payable so, Long-term pole Prepaid rent $3.150; Equipment $55.000; Accumulated depreca $200,000; Common shares $440,000; and Retained carnings 563 The following transactions and events occurred in 2015 Jan 1 Sold the equipment at its written-down value (book 1 Issued $50,000 of 5% preferred shares for cash Jan. 1 Acquired new equipment for $150,000 cash. The for cash Jan. equipment has an estimated useful life of expected residual value. 1 Purchased inventory for $80,000 cash from Apr. 1 Paid rent in advance of $3,200 on a six-month office July 1 Made cash sales of $150,000. The related cost of you Aug. sold was $65.000 1 Purchased additional land for cash of $20,000. Sept Oct. 31 All remaining accounts receivable were collected Dec. 30 Various operating expenses totalled $40,000. All were put in cash except for $5,000 for utilities, which will be paid January Dec. 31 Paid the annual dividend on the preferred shares, and cent dividend per common share. Dec. 31 Paid the interest on the bank loan. Dec. 31 Recorded depreciation for the new equipment Dec. 31 Recorded rent expense for 2019. Dec. 31 Paid cash of $3,800 for income taxes. suppliers. Required (a) Using the transactions-based approach (tabular analysis), record the above transactions and events for 2019. Determine the end ing balances for all accounts that are included in the table analysis (b) Prepare an income statement for the year 2019. (c) Prepare a statement of changes in retained earnings for se year 2019. (d) Prepare a balance sheet as at December 31, 2019