American Laser Inc reported the following account

balances on January #2844

American Laser, Inc., reported the following account balances on January 1, 2013.Accounts
Receivable .......................................... $ 15,000Accumulated Depreciation
..................................... 30,000Additional Paid-in Capital .....................................
90,000Allowance for Doubtful Accounts .............................. 2,000Bonds Payable
.......................................................... 0Buildings ........................................................
100,000Common Stock, 10,000 shares of $1 par ..................... 10,000Notes Payable (due
2016) ...................................... 10,000Retained Earnings .............................................
120,000Treasury Stock ......................................................... 0The company entered into the
following transactions during 2013.Jan. 15 Issued 5,000 shares of $1 par common stock for
$50,000 cash.Feb. 15 Reacquired 3,000 shares of $1 par common stock into treasury for
$33,000 cash.Mar. 15 Reissued 2,000 shares of treasury stock for $24,000 cash.Aug. 15
Reissued 600 shares of treasury stock for $4,600 cash.Sept. 15 Declared (but did not yet pay) a
$1 cash dividend on each outstanding share of common stock.Oct. 1 Issued 100, 10-year,
$1,000 bonds, at a quoted bond price of 101.Oct. 3 Wrote off a $500 balance due from a
customer who went bankrupt.Dec. 31 Recorded $10,000 depreciation on the
building.Required:1. Analyze the effects of each transaction on total assets, liabilities, and
stockholders' equity.2. Prepare journal entries to record each transaction.3. Prepare the
noncurrent liabilities and stockholders' equity sections of the balance sheet at December 31,
2013. At the end of 2013, the adjusted net income was $20,000?View Solution:
American Laser Inc reported the following account balances on January

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