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Prepare the balance sheet as of December

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Question - During the month of December 2017, the following events occurred:Purchased inventory on credit that cost $5,400.

1. Issued common stock at par value in exchange for machinery and equipment valued at $21,600.

2. The building was appraised at a value of $81,000 by a certified real estate appraiser.

3. The note receivable of $3,600 was collected.

4. $14,400 cash was paid on the outstanding accounts payable.

5. Purchased land valued at $45,000, paying $5,400 in cash and signing a five-year note for the remaining amount.

Required - Prepare the balance sheet as of December 1, 2017, for the Mayfair Company.

Reference no: EM132842659

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