Question

Heckler Machinery, reported the following account balances on January 1. Debit Credit Accounts Receivable $ 5,000 Accumulated Depreciation $ 30,000 Additional Paid-in Capital 116,000 Allowance for Doubtful Accounts 2,000 Bonds Payable 0 Buildings 273,000 Cash 16,500 Common Stock, 10,000 shares of $1 par 10,000 Notes Payable (long-term) 16,500 Retained Earnings 120,000 Treasury Stock 0 TOTALS $ 294,500 $ 294,500 The company entered into the following transactions during the year. January 15 Issued 18,000 shares of $1 par common stock for $76,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,260 shares of $1 par common stock into treasury for $35,860 cash. March 15 Reissued 2,260 shares of treasury stock for $26,860 cash. August 15 Reissued 600 shares of treasury stock for $4,600 cash. September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. October 1 Issued 100, 10-year, $1,140 bonds, at a quoted bond price of 101. October 3 Wrote off a $1,500 balance due from a customer who went bankrupt. December 29 Recorded $256,000 of service revenue, all of which was collected in cash. December 30 Paid $226,000 cash for this year's wages through December 31. (Ignore payroll taxes and payroll deductions.) December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.)

          Heckler Machinery, reported the following account balances on January 1.

Debit Credit
Accounts Receivable $ 5,000
Accumulated Depreciation $ 30,000
Additional Paid-in Capital 116,000
Allowance for Doubtful Accounts 2,000
Bonds Payable 0
Buildings 273,000
Cash 16,500
Common Stock, 10,000 shares of $1 par 10,000
Notes Payable (long-term) 16,500
Retained Earnings 120,000
Treasury Stock 0
TOTALS $ 294,500 $ 294,500

The company entered into the following transactions during the year.

January 15 Issued 18,000 shares of $1 par common stock for $76,000 cash.
January 31 Collected $3,000 from customers on account.
February 15 Reacquired 3,260 shares of $1 par common stock into treasury for $35,860 cash.
March 15 Reissued 2,260 shares of treasury stock for $26,860 cash.
August 15 Reissued 600 shares of treasury stock for $4,600 cash.
September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock.
October 1 Issued 100, 10-year, $1,140 bonds, at a quoted bond price of 101.
October 3 Wrote off a $1,500 balance due from a customer who went bankrupt.
December 29 Recorded $256,000 of service revenue, all of which was collected in cash.
December 30 Paid $226,000 cash for this year's wages through December 31. (Ignore payroll taxes and payroll
deductions.)
December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.)

Heckler Machinery, reported the following account balances on January 1.

Debit Credit
Accounts Receivable 5,000
Accumulated Depreciation 30,000
Additional Paid-in Capital 116,000
Allowance for Doubtful Accounts 2,000
Bonds Payable 0
Buildings 273,000
Cash 16,500
Common Stock, 10,000 shares of 1 par 10,000
Notes Payable (long-term) 16,500
Retained Earnings 120,000
Treasury Stock 0
TOTALS 294,500 294,500

The company entered into the following transactions during the year.

January 15 Issued 18,000 shares of1 par common stock for 76,000 cash.
January 31 Collected3,000 from customers on account.
February 15 Reacquired 3,260 shares of 1 par common stock into treasury for35,860 cash.
March 15 Reissued 2,260 shares of treasury stock for 26,860 cash.
August 15 Reissued 600 shares of treasury stock for4,600 cash.
September 15 Declared (but did not yet pay) a 1 cash dividend on each outstanding share of common stock.
October 1 Issued 100, 10-year,1,140 bonds, at a quoted bond price of 101.
October 3 Wrote off a 1,500 balance due from a customer who went bankrupt.
December 29 Recorded256,000 of service revenue, all of which was collected in cash.
December 30 Paid 226,000 cash for this year's wages through December 31. (Ignore payroll taxes and payroll
deductions.)
December 31 Calculated10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.)

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