February 19 - a building in california was destroyed by a

Assignment Help Accounting Basics

Reference no: EM13608549

• Issued 50,000 shares of $1 par value common stock to Susan Apache. Susan Apache purchased these shares with her Owner's Equity in Apache Motor's Company and cash of $265,950. (Hint: Zero out the owner's capital account.)
• Issued $200,000 of 9%, 10 year bonds paying interest semiannually when the market rate of interest was 8%
• Interest paid on note payable
January 5 - Issued 2,000 shares of no-par preferred stock, receiving cash of $100,000

January 12 - Paid salaries of 1,600 from December 31, 2008.

February 2 - Purchased 11,000 shares of Apache common stock for the treasury at $5 per share

February 19 - A building in California was destroyed by a tornado. The building had a cost of $100,000, Accumulated Depreciation of $40,000, and insurance proceeds from the destruction were $50,000. This item is considered to be both unusual in nature and infrequent in occurrence. (Ignore tax savings until Adjustments!)

March 1 - Sold 1,000 share of treasury stock for cash of $6.25 per share

March 1 - a) Purchased an office complex for $200,000 cash. It has a 20 year life and will have zero sal-vage value.

b) Paid off the note payable of 12,480 (Ignore additional Interest).

c) Obtained a delivery vehicle by signing a note payable for $50,000. The vehicle has a 5 year life with a $3,000 salvage value.

March 31 - Sold merchandise for $700,000 (70% paid in cash, 30% on account). Cost of goods sold was $400,000.Operating Expense were $170,000 with $160,000 of this amount paid. Apache uses a perpetual inventory system.

Reference no: EM13608549

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