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Prepare the balance sheet as of December for Mayfair Company

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Reference no: EM132805977

During the month of December 2017, the following events occurred:

  1. Purchased inventory on credit that cost $5,400.
  2. Issued common stock at par value in exchange for machinery and equipment valued at $21,600.
  3. The building was appraised at a value of $81,000 by a certified real estate appraiser.
  4. The note receivable of $3,600 was collected.
  5. $14,400 cash was paid on the outstanding accounts payable.
  6. Purchased land valued at $45,000, paying $5,400 in cash and signing a five-year note for the remaining amount.

Required

Problem 1: Prepare the balance sheet as of December 1, 2017, for the Mayfair Company.

Reference no: EM132805977

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