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please fix the wrong asnwer Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy stores. It has a
please fix the wrong asnwer
Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers' trains for a fee. The company has been in business for five years. At the end of the previous year, the accounting records reflected total assets of $640,000 and total liabilities of $270,000. During the current year, the following summarized events occurred a. Issued additional shares of common stock for $140,000 cash b. Borrowed $162,000 cash from the bank and signed a 10-year note. c. Built an addition on the buildings for $269,000 and paid cash to the contractor d. Purchased equipment for the new addition for $33,000, paying $3,300 in cash and signing a note due in e. Returned a $3,300 piece of equipment, from (d), because it proved to be defective; received a reduction f. Purchased a delivery truck (equipment) for $26,250; paid $18,375 cash and signed a nine month note g. A stockholder sold $8,350 of his stock in Mallard Incorporated to his neighbor six months for the balance of the note payable for the remainder Required 1. Complete the spreadsheet that follows, using plus (+)for increases and minus (- for decreases for each account. The first transaction is used as an example. (Enter any decreases to account balances with a minus sign.) Assets LiabilitiesStockholders' Equity Notes Payable Common Retained Earnings Cash Equipment Buildings Stock 140,000 162,000 (269,000) (3,300) 140,000 162,000 C. 269,000 33,000 (3,300) 26,250 30,000 (3,300) 7,875 (18,375) End 11,325 55,950 269,000 196,575 140,000 0Step by Step Solution
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