ABC Corporation had the following transactions in the year 2022 On January 1, 2022, the company issued 10,000 shares of common stock at $10 per share On March 1, 2022, the company purchased a piece of land for $200,000 and paid $50,000 in cash with the balance payable in 6 months On April 1, 2022, ...

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ABC Corporation had the following transactions in the year 2022: On January 1, 2022, the company issued

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Question:

ABC Corporation had the following transactions in the year 2022:

On January 1, 2022, the company issued 10,000 shares of common stock at $10 per share.
On March 1, 2022, the company purchased a piece of land for $200,000 and paid $50,000 in cash with the balance payable in 6 months.
On April 1, 2022, the company purchased inventory worth $100,000 on credit.
On June 1, 2022, the company paid $150,000 to a supplier for inventory purchased on credit.
On December 31, 2022, the company declared and paid dividends of $1 per share to its shareholders.

Prepare the journal entries to record these transactions in the company's general journal and also prepare the company's balance sheet as at December 31, 2022.