Jyoti Nivas College Principles of Financial Accounting Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy st

Jyoti Nivas College Principles of Financial Accounting 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 previous year, the accounting records reflected total assets of $500,000 and total liabilities of $200,000. During the current year, the following summarized events occurred: