The net changes in the balance sheet accounts of Zack, Inc. for the year 2021 are shown below: Account Debit Credit Cash S 100,600 Accounts receivable $ 64,000 Allowance for doubtful accounts 10,000 Inventory 197,200 Prepaid expenses 20.000 Long-term investments 144,000 Land 405,000 Buildings 650,000 Machinery 100,000 Equipment 28,000 Accumulated depreciation: Buildings 24,000 Machinery 20,000 Equipment 12.000 Accounts payable 183,200 Accrued liabilities 72.000 Dividends payable 128,000 Premium on bonds 36,000 Bonds payable 900,000 Preferred stock (S50 par) 70,000 Common stock ($10 par) 156,000 Additional paid-in capital-common 223,200 Retained earings 67 200 S1805200 SL 805.200 Additional information: 1. Net income for 2021 $160.000 2. Cash dividends of S128 000 were declared December 15, 2021. payable January 15, 2022 A 5% stock dividend was issued March 31, 2021, when the market value was $22.00 per share. 3. The long-term investments were sold for $140,000 4. A building and land which cost $480 000 and had a book value of $350,000 were sold for $400,000. The cost of the land, included in the cost and book value above, was $20,000 5. The following entry was made to record an exchange of an old machine for a new one: Machinery 160,000 Accumulated Depreciation Machinery 40.000 Machinery 60,000 Cash 140.000 6. A fully depreciated copier machine which cost $28,000 was written off 7. Preferred stock of $70.000 par value was redeemed for $90,000 8. The company sold 12,000 shares of its common stock ($10 par) on June 15, 2021 for $25 a share. There were 87,600 shares outstanding on December 31, 2021 9. Bonds were sold at 104 on December 31, 2021. 10. Land that was condemned had a book value of S240,000. Proceeds received totaled $108,000. The net changes in the balance sheet accounts of Zack, Inc. for the year 2021 are shown below: Account Debit Credit Cash S 100,600 Accounts receivable $ 64,000 Allowance for doubtful accounts 10,000 Inventory 197,200 Prepaid expenses 20.000 Long-term investments 144,000 Land 405,000 Buildings 650,000 Machinery 100,000 Equipment 28,000 Accumulated depreciation: Buildings 24,000 Machinery 20,000 Equipment 12.000 Accounts payable 183,200 Accrued liabilities 72.000 Dividends payable 128,000 Premium on bonds 36,000 Bonds payable 900,000 Preferred stock (S50 par) 70,000 Common stock ($10 par) 156,000 Additional paid-in capital-common 223,200 Retained earings 67 200 S1805200 SL 805.200 Additional information: 1. Net income for 2021 $160.000 2. Cash dividends of S128 000 were declared December 15, 2021. payable January 15, 2022 A 5% stock dividend was issued March 31, 2021, when the market value was $22.00 per share. 3. The long-term investments were sold for $140,000 4. A building and land which cost $480 000 and had a book value of $350,000 were sold for $400,000. The cost of the land, included in the cost and book value above, was $20,000 5. The following entry was made to record an exchange of an old machine for a new one: Machinery 160,000 Accumulated Depreciation Machinery 40.000 Machinery 60,000 Cash 140.000 6. A fully depreciated copier machine which cost $28,000 was written off 7. Preferred stock of $70.000 par value was redeemed for $90,000 8. The company sold 12,000 shares of its common stock ($10 par) on June 15, 2021 for $25 a share. There were 87,600 shares outstanding on December 31, 2021 9. Bonds were sold at 104 on December 31, 2021. 10. Land that was condemned had a book value of S240,000. Proceeds received totaled $108,000
