P2-5 (Algo) Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing the Balance Sheet, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 [The following information applies to the questions displayed below.) Mango Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players and sells a variety of related software and services. The following is Mango's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) ASSETS Current assets: Cash $ 14,024 Short-term investments 11,377 Accounts receivable 17,681 Inventories 2,134 Other current assets 24,141 Total current assets 69,357 Long-term investments 131,732 Property, plant, and equipment, net 20,873 Other noncurrent assets 12,676 Total assets $ 234,638 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 30,563 Accrued expenses 18,679 Unearned revenue 8,599 Short-term notes payable 6,385 Total current liabilities 64,226 Long-term debt 29,344 Other noncurrent liabilities 28, 196 Total liabilities 121,766 Stockholders' equity: Common stock (50.60001 per value) 1 Additional paid-in capital 25,212 Retained earnings 87.659 Total stockholders' equity 112,872 Total liabilities and shareholders' equity $234,638 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,299 from banks due in two years. b. Purchased additional investments for $24,100 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,605 in cash and signed a short-term note for $1.443. d. Issued additional shares of common stock for $1,503 in cash; total par value was $1 and the rest was in excess of par e. Sold short-term investments costing $19,040 for $19,040 cash. f. Declared $11,158 in dividends to be paid at the beginning of the next fiscal year. value. P2-5 Part 1 Required: 1. Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) View transaction list Journal entry worksheet