Jacksonville Corporations balance sheet at March 30, 20X1, contained only the following items (arranged here in random

Jacksonville Corporation’s balance sheet at March 30, 20X1, contained only the following items (arranged here in random order):

On March 31, 20X1, these transactions and events took place:
1. Purchased merchandise on account, $3,000
2. Sold at cost for $1,000 cash some furniture that was not needed
3. Issued additional capital stock for machinery and equipment valued at $12,000
4. Purchased land for $25,000, of which $10,000 was paid in cash, the remaining being represented by a 5-year note (long-term debt)
5. The building was valued by professional appraisers at $43,000
Prepare in good form a balance sheet for March 31, 20X1, showing supporting computations for all new amounts.

Transcribed Image Text:

Cash Notes payable Merchandise inventorny Paid-in capital Land $14,000 10,000 40,000 80,000 14,000 Accounts payable Fumiture and fixtures Longterm debt Building Machinery and equipment 8,000 3,000 12,000 24,000 15,000