Acc280 Financial Accounting: E14-3 Rachael Ray Corporation had the following transactions

Acc280 Financial Accounting

E14-3
Rachael Ray Corporation had the following transactions.
1 Sold land (cost $12,000) for $15,000.
2 Issued common stock for $20,000.
3 Recorded depreciation of $17,000.
4 Paid salaries of $9,000.
5 Issued 1,000 shares of $1 par value common stock for equipment worth $8,000.
6 Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.

Instructions
For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows. (List amounts from largest to smallest eg 10, 5, 3, 2.)
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