Required information 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). ASSETS Current assets: Cash MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS EQUITY $ 13,904 11,281 17,534 2,119 23,973 68, 811 130,694 20,708 12,574 $232,787 Prey 3 4 of 5 Score.answer > Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $232,787 $ 30,320 Accrued expenses Unearned revenue Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings 18,529 8,527 6,334 63,710 29,107 27,971 120,788 23,812 88,186 111,999 Total liabilities and shareholders' equity $232,787 Total stockholders' equity Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,277 from banks due in two years. b. Purchased additional investments for $21,900 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,581 in cash and signed a short-term note for $1,420. d. Issued additional shares of common stock for $1,479 in cash, total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,019 for $19,019 cash. < Prev 1 2 3 4 of 5 Score.answer > a. Borrowed $18,277 from banks due in two years. b. Purchased additional investments for $21,900 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,581 in cash and signed a short-term note for $1,420. d. Issued additional shares of common stock for $1,479 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,019 for $19,019 cash. f. Declared $11,135 in dividends to be paid at the beginning of the next fiscal year. 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 1 2 3 4 st 5 6 > Required information 1 2 3 4 5 6 Record the $18,277 loan from banks due in two years. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < 2 3 4 5 6 Record the purchase of additional investments for $21,900 cash with one-fifth being long-term and the balance being short-term. Note: Enter debits before credits. Transaction b General Journal Debit Credit Record entry Clear entry View general journal < 1 2 3 4 5 6 Record the purchase of property, plant and equipment by paying $9,581 cash and signing a short-term note for $1,420. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal > Required information 1 2 3 5 6 Record the issuance of additional shares for $1,479 cash; total par value was $1 and the rest was in excess of par value. Note: Enter debits before credits. Transaction d General Journal Debit Credit Record entry Clear entry View general journal > < 1 2 3. 4 6 Record the sale of short-term investments costing $19,019 for $19,019 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 2 3 5 6 Record the declaration of $11,135 in dividends to be paid during beginning of the next fiscal year. Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Record entry Clear entry