Exercise $18-26($Algo$)$ General ledger exercise; Bonds; Installment note, early extinguishment $[$LO$18-4,18-5,18-7]$

On January $1,2024,$ the general ledger of Freedom Fireworks includes the following account balances:

Accounts Debit Credit

Cash $ $43,600$

Accounts Receivable $46,300$

Supplies $8,400$

Equipment $73,000$

Accumulated Depreciation $ $9,900$

Accounts Payable $15,500$

Common Stock, $ $1$ par value $19,000$

Paid$-$in Capital$-$Excess of Par $89,000$

Retained Earnings $37,900$

Totals $ $171,300$ $ $171,300$

During January $2024,$ the following transactions occur:

January $2$ Issue an additional $2,100$ shares of $$1$ par value common stock for $$42,000.$

January $9$ Provide services to customers on account, $$16,300.$

January $10$ Purchase additional supplies on account, $$5,800.$

January $12$ Repurchase $1,200$ shares of treasury stock for $$22$ per share.

January $15$ Pay cash on accounts payable, $$17,400.$

January $21$ Provide services to customers for cash, $$50,000.$

January $22$ Receive cash on accounts receivable, $$17,500.$

January $29$ Declare a cash dividend of $$0\mathrm{.}40$ per share to all shares outstanding on January $29.$ The dividend is payable on February $15.($Hint: Freedom Fireworks had $19,000$ shares outstanding on January $1,2024,$ and dividends are not paid on treasury stock.$)$

January $30$ Reissue $700$ shares of treasury stock for $$24$ per share.

January $31$ Pay cash for salaries during January, $$42,900.$

The following information is available on January $31,2024.$

Unpaid utilities for the month of January are $$7,100.$

Supplies at the end of January total $$6,000.$

Depreciation on the equipment for the month of January is calculated using the straight$-$line method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $$10,900.$

Accrued income taxes at the end of January are $$2,000.$