Model trains for sale to toy stores are produced by Whistle Stop Incorporated, a ...

Model trains for sale to toy stores are produced by Whistle Stop Incorporated, a small manufacturing company. Whistle Stop also has a small service department that repairs customers’ model trains for a fee. The company has been in business for five years. At the end of the most recent year, 2013, the accounting records reflected total assets of $590,000 and total liabilities of $290,000. During the current year, 2014, the following summarized events occurred: a. Issued additional shares for $145,000 cash. b. Borrowed $138,000 cash from the bank and signed a 10-year note. c. Built an addition on the factory for $218,000 and paid cash to the contractor. d. Purchased equipment for the new addition for $57,000, paying $5,700 in cash and signing a note due in six months for the balance. e. Returned a $5,700 piece of equipment, from (d), because it proved to be defective; received a reduction of the note payable. f. Purchased a delivery truck (equipment) for $14,500; paid $5,000 cash and signed a nine-month note for the remainder. g. A shareholder sold $14,000 worth of his shares in Whistle Stop Incorporated to his neighbour. Required: 1. Complete the spreadsheet given below, for increases and decreased in each account. The first transaction is used as an example. (Enter any decreases to account balances with a minus sign.)