Jacksonville Corporation's balance sheet at March 30, 20X1, contained only the following items (arranged here in random order): Cash Notes payable Merchandise inventory Paid-in capital Land $14,000 10,000 40,000 80,000 14,000 Accounts payable Furniture and fixtures Long-term debt Building Machinery and equipment 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 $ 8,000 3,000 12,000 24,000 15,000 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 repre- sented 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.
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 
