1.) Create a balance sheet for the following items
Cash 22'000
Notes payable 21'000
Paid-in capital 190'000
Accounts payable 16'000
Land 41'000
Building 241'000
Long-term debt payable 134'000
Merchandise inventory 29'000
Machinery and equipment 20'000
Furniture and fixtures 8'000
2.) Events and transactions
- Purchase machinerynad equipment for 13'000, paying4'000 in cash and signing a 90-day note for the balance
- paid 7'000 on accounts payable
- sold some land fo r6'000 in cash (companies acquisition cos tof the land)
- The remaining land wa svalued at 240'000 by professiona lappraisers
- issued capita lstock as payment for 23'000 of th elong-term debt, that is, debt due beyond 1 year
3.) Prepare good final balance sheet