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    Mallard Incorporated assets, liabilities and equity

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    Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers' trains for a fee. The company has been in business for five years. At the end of the most recent year, 2005, the accounting records reflected total assets of $500,000 and total liabilities of $200,000. During the current year, 2006, the following summarized events occurred:
    a. Issued additional shares of stock for $100,000 cash.
    b. Borrowed $120,000 cash from the bank and signed a 10-year note.
    c. Built an addition on the factory for $200,000 and paid cash to the contractor.
    d. Purchased equipment for the new addition for $30,000, paying $3,000 in cash and signing a note due in six months for the balance.
    e. Returned a $3,000 piece of equipment, from d, because it proved to be ...

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