11 Question 1 of 1 View Policies Current Attempt in Progress Concord Corporation's balance sheet at December 31, 2021. is presented as follows CONCORD CORPORATION Balance Sheet December 31, 2021 Cash $24.300 Accounts payable Accounts receivable 49.000 Common stock ($10 par) Allowance for doubtful accounts (1.500) Retained earnings Supplies 4,800 Land 40,700 Buildings 147,200 Accumulated depreciation-buildings (22.800) $241.700 $23.700 72.000 146,000 $241,700 During 2022. the following transactions occurred On January 1. 2022. Concord issued 1.300 shares of $40 par, 7% preferred stock for $53.300 2 On January 1, 2022.Concord also issued 800 shares of the 510 par value common stock for $20.500 3 Concord performed services for 1343.000 on account On April 1, 2022. Concord collected fees of $37.600 in advance for services to be performed from April 1, 2022. to March 31.2023 5 Concord collected $282.900 from customers on account Concord bought $37.800 of supplies on account 7. Concord paid $30,100 on accounts payable 6 MacBook Pro Q 2 3 $ 4 5 A 6 & 7 I 00 9 0 W E R T Y U 1 0 S D F G H IL L mont.education wily.com Editions.india. Marper Students Chaptw 11 Activities NWP Assessment Paye... W NWP Assement ter 11 - /25 Question 1 of 1 During 2022, the following transactions occurred 1 2 3. 5. 6. 7 8 On January 1, 2022. Concord issued 1.300 shares of $40 par. 7% preferred stock for $53,300. On January 1, 2022. Concord also issued 800 shares of the $10 par value common stock for $20,500. Concord performed services for $343.000 on account. On April 1.2022. Concord collected fees of 537,600 in advance for services to be performed from April 1, 2022 to March 31.2023 Concord collected $282.900 from customers on account Concord bought $37 600 of supplies on account Concord paid $30,100 on accounts payable Concord reacquired 300 shares of its common stock on June 1.2022, for $29 per share Pald other operating expenses of $183.300. On December 31, 2022. Concord declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock all payable on January 15, 2023 An account receivable of $1.500 which originated in 2021 is written off as uncollectible. 9. 10. 11 Adjustment data 1 Acount of supplies indicates that $6,400 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above. 2 The Willowance for doubtful accounts should have a balance of $3.500 at year end 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10,400 5 The income tax rate is 30%. (Hint: Prepare the income statement up to income before income taxes and multiply by 30% to compute the amount) MacBook Pro Q G A 2 3 $ 4 % 5 6 & 7 8 9 o W E R Y U 0 P S O Question 1 of 1 -/25 amounts. Record journal entries in the order presented in the problem.) Debit Credit No. Account Titles and Explanation 1. 2. 3. 5. 6 7 MacBook Pro 2 3 $ 4 5 6 & 7 8 C 9 . o W E R Y S D F G H J L X 12 Jestion 1 of 1