Hassellhouf Companys trial balance at December 31, 2014, is presented below. All 2014 transactions have been recorded

Hassellhouf Company’s trial balance at December 31, 2014, is presented below. All 2014 transactions have been recorded except for the items described shown below.

Unrecorded transactions:
1. On May 1, 2014, Hassellhouf purchased equipment for $21,200 plus sales taxes of $1,600 (all paid in cash).
2. On July 1, 2014, Hassellhouf sold for $3,500 equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2014, was $1,800; 2014 depreciation prior to the sale of the equipment was $450.
3. On December 31, 2014, Hassellhouf sold for $9,000 on account inventory that cost $6,300.
4. Hassellhouf estimates that uncollectible accounts receivable at year-end is $4,000.
5. The note receivable is a one-year, 8% note dated April 1, 2014. No interest has been recorded.
6. The balance in prepaid insurance represents payment of a $3,600 6-month premium on September 1, 2014.
7. The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,000.
8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost.
9. The equipment purchased on May 1, 2014, is being depreciated using the straight-line method over 5 years, with a salvage value of $1,800.
10. The patent was acquired on January 1, 2014, and has a useful life of 10 years from that date.
11. Unpaid salaries and wages at December 31, 2014, total $5,200.
12. The unearned rent revenue of $6,000 was received on December 1, 2014, for 3 months rent.
13. Both the short-term and long-term notes payable are dated January 1, 2014, and carry a 9% interest rate. All interest is payable in the next 12 months.

Instructions
(a) Prepare journal entries for the transactions listed above.
(b) Prepare an updated December 31, 2014, trial balance.
(c) Prepare a 2014 income statement and an owner’s equity statement.
(d) Prepare a December 31, 2014, classified balancesheet.

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Debit Credit Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2015) Interest Payable Notes Payable (due after 2015) Owner's Capital Owner's Drawings Sales Revenue Interest Revenue Rent Revenue Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Ex Salaries and Wages Expense Total 28,000 36,800 10,000 36,200 3,600 20,000 150,000 60,000 9,000 $500 50,000 24,000 27,300 6,000 11,000 30,000 113,600 12,000 905,000 630,000 61,800 pense 110,000 $1,167,400 $1,167,400