Required: L. P are a una entry to rewardrach of the transition the the letter of each transaction is reference w the effects direction and amount of each transactice wearings and cash hafabercions L03-5 51 Hypothetical idir tonal transactions occurred during the fiscal year. Complete the following tabulation, indicating the sign and amount of the effect of each additional transaction (+ for increase, - for decrease, and 'N' for no effect). Consider each item! independently and ignore income taxes. a. Recorded sales on account of $700 and related cost of sales of $476. 1. Incurred additional research and development expense of $100, which was paid in cash. c. Issued additional shares for $350 cash. d. Declared and paid dividends of $90. Transaction Gross Profit Earnings from Operations Return on Assets Gildas West) Le Gr Coute L03-4,3-6 P3-7 excel edar Fair Recording Journal Entries and Identifying Transaction Effects on the Total Assets Turnover Ratio and Cash Flows Cedar Fair LP. (Limited Partnership) is one of the largest amusement park operators in the world, owning 11 amusement parks, four outdoor water parks, one indoor water park, and five hotels Parks in the United States include Cedar Point in Ohio: Valleyfair near Minneapolis/St. Paul: Dorney Park and Wildwater Kingdom near Allentown, Pennsylvania; Worlds of Fun/Oceans of Fun in Kansas City; and Great America in Santa Clara, California. It also operates Canada's Wonderland, near Toronto. The following are summarized transactions similar to those that occurred in a recent year (amounts in thousands of dollars): a. Guests at the parks paid $596,042 cash in admissions. b. The primary operating expenses (such as employee wages, utilities, and repairs and maintenance) for the year were $433,416, with $401,630 paid in cash and the rest on account. PTER 3 Operating Decisions and the Statement of Earnings 161 c. Interest incurred and paid on long-term debt was $163,326. c. The parks sell food and merchandise and operate games. The cash received during the year for these combined activities was $365,693. The cost of merchandise sold during the year was $92,057. e Cedar Fair purchased and built additional buildings, rides, and equipment during the year, paying 800,190 in cash S. Guests may stay in some of the parks at accommodations owned by the company. During the year, accommodations revenue was $82,994; $81,855 was paid by the guests in cash and the rest was on account. g. Cedar Fair paid $47,100 on notes payable. h. The company purchased $147,531 in food and merchandise inventory for the year, paying $110,431 in cash and the rest on account. 1. The selling, general, and administrative expenses (such as the president's salary and advertising for the parks; those not classified as operating expenses) for the year were $140,426, $34,014 was paid in cash and the rest was on account. . Cedar Fair paid $11,600 on accounts payable during the year. Required: 1. Prepare a journal entry to record each of these transactions. Use the letter of each transaction as its reference. . Show the cffects direction and amount of each transaction on net earnings and cash