(Solved): The following account balances were included in Bromley Company's balance sheet on December 31, 201 ...

The following account balances were included in Bromley Company's balance sheet on December 31, 2018 : During 2019, the following transactions occurred: Jan. 1 Land was acquired for $\$70,000$ for a future building site. Commissions of $\$4,000$ were paid to a real estate agent. Feb. 1 A factory and land were acquired from Kent Development Company by issuing 20,000 shares of $\$3$ par common stock. At that time, the stock was selling for \$10 per share on the New York Stock Exchange. The independently appraised values of the land and the factory were $\$60,000$ and $\$180,000$, respectively. Mar. 1 Equipment was acquired at a cost of $\$120,000$. In addition, sales tax, freight costs, and installation costs were $\$7,000,\$10,000$, and $\$16,000$, respectively. During installation, the equipment was damaged, and $\$2,000$ was spent for repairs. Apr. 1 A new parking lot was installed at a cost of $\$30,000$. Aug. 1 Half the land purchased in Item 1 was prepared as a building site. Costs of $\$26,000$ were incurred to clear the land, and the timber recovered was sold for $\$3,000$. A new building was built for $\$60,000$. Architect's fees relating to construction were $\$18,000$, and imputed interest on equity funds used during construction was $\$15,000$. No debt is outstanding. Sept. 1 Costs of $\$20,000$ were incurred to improve some leased office space. The lease will terminate in 2021 and is not expected to be renewed. Oct. 1 A group of new machines was purchased under a royalty agreement that provides for payment of annual royalties based on units produced. The invoice price of the machines was $\$30,000$, freight costs were $\$2,000$. Dec. 31 Royalty payments on the new machines for 2019 totalled $\$12,000$. Required: Prepare journal entries to record all the preceding events. Unless otherwise indicated, assume the company makes all paym CHART OF ACCOUNTS Bromley Company General Ledger ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 160 Investment in Land 171 Land 172 Land Improvements 181 Building 182 Leasehold Improvements 185 Equipment 198 Accumulated Depreciation REVENUE 411 Sales Revenue EXPENSES 500 Cost of Goods Sold 510 Lease Expense 511 Insurance Expense 512 Utilities Expense 514 Repair and Maintenance Expense 521 Salaries Expense 532 Bad Debt Expense 534 Royalty Expense 540 Interest Expense LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable EQUITY 311 Common Stock 313 Additional Paid-In Capital on Common Stock 331 Retained Earnings 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense