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#9

3. (16 points) Record the following transactions for Mouser Pet Foods, Inc., in the financial statement's effects template below (in thousands). 1. Sell stock in company for $48,000 and land market value at $30,000 2. Obtain long-term bank loan of $30,000 to purchase the equipment. 3. Purchase manufacturing equipment for $20,400 cash. and promissory note of $30,000 4. Rent manufacturing and warehousing space and pay $34,800 in advance for the year. 5. Purchase $30,000 of inventory, paying $15,000 in cash and the remaining amount on credit. 6. Sell half of the inventory purchased in Transaction 5 for $34,800 on account. 7. Pay $24,000 to creditors. 8. Make loan payment of $4,800 of which interest is $520 and the rest is principal