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1) Acquired new inventory on credit: $45,000. 2) Took out a 2-year loan for $200,000 on February 1. Annual interest is 5%, payable at the

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1) Acquired new inventory on credit: $45,000. 2) Took out a 2-year loan for $200,000 on February 1. Annual interest is 5%, payable at the loan maturity date (February 1st, 2023). 3) Prepaid on February 1st the rent of February, March and April 2021: $4,000 per month. 4) Invested excess cash in shares of company CCC: 3,000 shares for $11 per share. The investment is classified as Fair Value Through Profit and Loss (FVTPL) 5) Received $16,000 cash in advance from a customer. 6) Based on a physical inventory count, it determined that the inventory left at the end of February amounts to $ 29,000. Inventory at the beginning of February was $35,000. 7). At the end of February, the shares of company CCC were trading at $13 per share. 8) Delivered 60% of the merchandise due to the customer in transaction 5. 9). The last pay in February is on Tuesday the 23rd for the 2 weeks ending on and including that day. It amounted to $20,000. Flowers Inc.'s employees do not work the weekends. February has 28 days. Required- Prepare all the journal and adjusting entries required at the end of February 2021, assuming Flowers Inc. prepares monthly financial statements

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