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 MANGO INC. CONSOLIDATED BALANCE SHEET Current assets: Cash 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 Current Liabilities: $ 14,104 11,441 17,780 2,145 24,265 69,735 132,450 20,986 12,746 $235,917 Accounts payable 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) $ 30,730 18,781 8,647 6,420 64,578 29,505 28,349 122,432 1 Additional paid-in capital 25,812 Retained earnings 87,672 Total stockholders' equity 113,485 Total liabilities and shareholders' equity $235,917 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,312 from banks due in two years. b. Purchased additional investments for $25,200 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,618 in cash and signed a short-term note for $1,456. d. Issued additional shares of common stock for $1,515 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,052 for $19,052 cash. f. Declared $11,172 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 View journal entry worksheet No Transaction General Journal a No Transaction Recorded 2 b No Transaction Recorded 3 C No Transaction Recorded 4 d No Transaction Recorded e No Transaction Recorded Debit Credit