Required information

Skip to question

[The following information applies to the questions displayed below.]

The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Duxs accounting records is provided also.

Additional information from the accounting records:

1. A building that originally cost $40,000, and which was three-fourths depreciated, was sold for $7,000.
2. The common stock of Byrd Corporation was purchased for $5,000 as a long-term investment.
3. Property was acquired by issuing a 13%, seven-year, $38,000 note payable to the seller.
4. New equipment was purchased for $15,000 cash.
5. On January 1, 2024, bonds were sold at their $57,000 face value.
6. On January 19, Dux issued a stock dividend (1,000 shares). The market price of the $10 par value common stock was $18 per share at that time.
7. Cash dividends of $25,000 were paid to shareholders.
8. On November 12, 900 shares of common stock were repurchased as treasury stock at a cost of $8,000.

Required:

1. Prepare the T-account for Dux Company.

Note: Enter your answers in thousands. (i.e., 10,000 should be entered as 10).

\\begin{tabular}{|l|l|l|l|l|} \\hline \\multicolumn{2}{|c|}{ Accumulated Depreciation } \\\\ \\hline Beginning Balance & & & & \\\\ \\hline \\end{tabular}