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). MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) ASSETS Current assets: Cash 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: Accounts payable Accrued expenses Unearned revenue Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total 11 abilities Stockholders' equity: Common stock (50.00001 per value) Additional paid in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity $ 13,884 11,265 17,509 2,116 23,939 68,713 130,50 20,679 12,556 $ 232,456 $ 30,277 13,503 8,515 6.325 63,620 29,066 27,932 120,618 1 23,712 88,125 $ 232,456 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,274 from banks due in two years b. Purchased additional investments for $21,700 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment, paid $9,578 in cash and signed a short-term note for $1,418. d. Issued additional shares of common stock for $1,476 in cash; total par value was $1 and the rest was in excess of par value e. Sold short-term investments costing $19.016 for $19,016 cash. f. Declared $11,133 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 Record the $18,274 loan from banks due in two years. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal