1. An annual insurance policy was purchased on October 1, 2023, effective the same day, for $7,200 cash. 2. A count of supplies was done on December 31, 2023, where $1,340 worth of supplies was found on hand. 3. TBCS uses a perpetual inventory system to account for inventory. Below is a breakdown of inventory on hand at December 31, 2023: Inventory - Raw ingredients Inventory - Finished goods Cost $9,200 Net Realizable Value $10,400 $10,300 $9,700 4. The company ran out of cake and pastry flour, which is a key ingredient. They placed an order for 50 bags of the flour at a cost of $25 each on December 28, 2023. Terms of this order were 2/10, n/30, FOB shipping point. The company received an email notifying them of shipment on December 31, 2023, and it generally takes 5 businesses days to deliver. Tiffany looked forward to replenishing stocks and adding them to inventory upon receipt. 5. TBCS has the following long-lived assets: Date of purchase January 1, 2020 Depreciation method Land Buildings January 1, 2020 Furniture January 1, 2022 Machinery July 31, 2022 Straight-line Estimated useful life 20 years Double-declining balance Estimated useful life 10 years Residual value $400 Units-of-production Estimated to be able to produce 10,000 units in total Produced 900 units in 2023 Computer September 30, 2023 Straight-line Estimated useful life 5 years Residual value $500