1 . During 2023, the company decided to install a security system from Safety-Sure in their office building. The installation took place in December 2023. The cost of the equipment was $2,700 and installation by Safety-Sure cost an additional $4,000. During the installation process, Safety-Sure told Ross that updates to the buildings electrical panel were required for the security system to work properly. Ross hired an electrician to do the work. While the electrician was on-site to do the panel upgrade, Ross had the electrician repair a few outlets in the office building that were not working. The electrician was paid $2,000 for the work; $500 of that amount was for the repairs to the outlets.

2 . On September 29, Ross sold a piece of equipment that had been used in operations for $4,000. That equipment was purchased on 12/1/2018 at a cost of $9,000 and was depreciated over a 10-year life with a zero salvage value.

3 . On May 2, Ross traded-in (exchanged) some older office furniture for new furniture. The new furniture had a list price of $8,000. The older furniture was purchased 1/1/2020 for $4,000. It was depreciated over a 5-year life with a $100 salvage value. The fair value of the old furniture at the time of the exchange was $1,500. Ross paid $6,000 cash plus the trade-in of the older furniture for the new furniture. The transaction did not have a material impact on cash flows for Ross or change the companys economic position.

Here is what I put for my Journal Entries:

I'd like to know if 1, these are correct and 2, how to get the New Trial Balance, Income Statement, Statement of Retained Earnings, and Balance Sheet from here.

4. During August 2023, Ross made the following improvements to its office building: 5. Ross invested in 5 -year, 10% bonds issued by Withers Corporation with a face value of $11,000. The bonds were purchased on their issue date of January 1,2021 . The bonds were sold to yield 12%. The bonds pay interest semiannually on June 30 and December 31. On December 31, 2023, the bonds were selling at 107 . Ross intends to hold these bonds to maturity due to their high yield. Record any journal entries needed for 2023. 6. On January 1,2023 , Ross invested $5,000 cash by purchasing 6% bonds issued by Hyland Corporation. The bonds were sold to yield 5%. The bonds pay interest semiannually on June 30 and December 31 . On December 31 , 2023 , the bonds were selling at 89 . Ross has no plans to sell the bonds at this time, but it is unlikely that they will be kept for their 10-year term. 7. Ross owns stock in the companies listed below. All of these stocks were purchased prior to 2023. During 2023, Ross received cash dividends from AX Tech totaling \$7.00 per share. Ross intends to hold on to these stocks for several years. \begin{tabular}{|c|c|c|c|c|} \hline & 31-Dec & Cash & 250.00 & \\ \hline & & Interest Revenue & & 250.00 \\ \hline \multirow[t]{2}{*}{7} & 31-Dec & Cash & $2,800.00 & \\ \hline & & Dividends & & $2,800.00 \\ \hline \multirow[t]{4}{*}{8} & 1-Apr & Investment in Equity Securities & $144,000.00 & \\ \hline & & Common Stock & & $144,000.00 \\ \hline & 31-Dec & Office Building & $21,500.00 & \\ \hline & & Accumulated Depreciation- Office Building & & $21,500.00 \\ \hline \multirow[t]{2}{*}{9} & 31-Dec & Long-Term Bank Loans & $1,167.00 & \\ \hline & & Cash & & $1,167.00 \\ \hline \multirow[t]{4}{*}{10} & 30-Jun & Interest Expense & $24,000.00 & \\ \hline & & Interest Payable & & $24,000.00 \\ \hline & 31-Dec & Interest Expense & $24,000.00 & \\ \hline & & Interest Payable & & $24,000.00 \\ \hline \multirow[t]{3}{*}{11} & 1-Jan & Lease Expense & $70,000.00 & \\ \hline & & Administrative Expense & $5,000.00 & \\ \hline & & Cash & & $75,000.00 \\ \hline \multirow[t]{4}{*}{12} & 1-Jan & Lease on Forklift/Vehicle & $6,250.00 & \\ \hline & & Cash & & $6,250.00 \\ \hline & 31-Dec & Lease on Forklift/Vehicle & $6,250.00 & \\ \hline & & Cash & & $6,250.00 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline Item \# & Date & Account & DR & CR \\ \hline \multirow[t]{5}{*}{1} & 31-Dec & Equpiment & $2,700.00 & \\ \hline & & Installation Expense & $4,000.00 & \\ \hline & & Administrative Expense & $1,500.00 & \\ \hline & & Office Building & 500.00 & \\ \hline & & Cash & & $8,700.00 \\ \hline \multirow[t]{4}{*}{2} & 29-Sep & Cash & $4,000.00 & \\ \hline & & Accumulated Depreciation- Equpiment & $6,000.00 & \\ \hline & & Equipment & & $9,000.00 \\ \hline & & Gain on Sale of Euip & & $1,000.00 \\ \hline \multirow[t]{4}{*}{3} & 2-May & New Furniture & $8,000.00 & \\ \hline & & Accumulated Depreciation- Furniture & $2,000.00 & \\ \hline & & Old Furniture & & $4,000.00 \\ \hline & & Cash & & $6,000.00 \\ \hline \multirow[t]{2}{*}{4} & 31-Aug & Building & $21,100.00 & \\ \hline & & Cash & & $21,100.00 \\ \hline 5 & & No Journal Entry & & \\ \hline \multirow[t]{4}{*}{6} & 1-Jan & Investment in Bonds & $5,000.00 & \\ \hline & & Cash & & $5,000.00 \\ \hline & 30-Jun & Cash & 250.00 & \\ \hline & & Interest Revenue & & 250.00 \\ \hline \end{tabular} Preliminary Trial Balance \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ Ross Corporation } \\ \hline \multicolumn{3}{|l|}{ Trial Balance } \\ \hline \multicolumn{3}{|c|}{ as of December 31,2023} \\ \hline & DR & CR \\ \hline Cash & 234,350 & \\ \hline Accounts Receivable & 359,200 & \\ \hline Allowance for Doubtful Accounts & & 6,240 \\ \hline Merchandise Inventory & 401,080 & \\ \hline Investment in Equity Securities & 39,575 & \\ \hline Fair Value Adjustment-Equity Securities & 1,535 & \\ \hline Land & 915,640 & \\ \hline Office Building & 1,530,000 & \\ \hline Accumulated Depreciation - Office Bldg & & 283,320 \\ \hline Equipment & 2,012,800 & \\ \hline Accumulated Depreciation - Equip & & 389,760 \\ \hline Vehicles & 823,309 & \\ \hline Accumulated Depreciation - Vehicles & & 180,000 \\ \hline Furniture & 534,000 & \\ \hline Accumulated Depreciation - Furniture & & 73,000 \\ \hline Investment in Bonds & 11,000 & \\ \hline Discount on Investment in Bonds & & 541 \\ \hline Trademark & 6,400 & \\ \hline Accounts Payable & & 405,055 \\ \hline Long-Term Bank Loans & & 158,969 \\ \hline Common Stock-\$10 par & & 1,920,000 \\ \hline Retained earnings & & 391,724 \\ \hline Sales Revenue & & 7,958,400 \\ \hline Sales Discounts & 134,400 & \\ \hline Cost of Goods Sold & 2,070,330 & \\ \hline Selling Expenses & 1,015,200 & \\ \hline Administrative Expenses & 1,378,190 & \\ \hline Income Tax Expense & 300,000 & \\ \hline TOTAL & 11,767,009 & 11,767,009 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline & & & & \\ \hline & & TOTAL & $360,267.00 & $360,267.00 \\ \hline \end{tabular} 1. All the journal entries need to be on the Journal sheet (tab) organized by item, not chronologically. Have all the entries for \#1 together, then \#2, etc. Do not organize by date. Show all supporting calculations with the appropriate entry, including any amortization tables. Use the space to the right of the entry to show your calculations. The easier I can follow your work, the more points you will get! Round all entries to the nearest whole dollar. 2. Prepare an updated Trial Balance (after making the entries for the 12 items below) on the New Trial Bal sheet. 3. Prepare a 2023 year-end multiple-step Income Statement (without earnings per share data) on the Inc Statemt sheet. 4. Prepare a Statement of Retained Earnings on the Statemt of RE sheet. 5. Prepare a classified Balance Sheet in good form on the sheet named Bal Sheet. Round all amounts on the financial statements to the nearest whole dollar. Be sure you add the correct date in the heading of each financial statement. Your file may have additional sheets that you use for alculations. But have everything you want considered in your grade on the sheets identified above. Attached is a preliminary trial balance for Ross. You can assume all transactions already recorded by Ross have been recorded accurately and all the balances on the preliminary trial balance are correct as a starting point. For the 12 items listed below, assume no journal entries have been made for 2023 unless you are told otherwise. Assume all transactions and all amounts are material. If you don't know the exact date of a transaction, it is fine to record the transaction on the last day of the month in which it occurred. The preliminary trial balance gives a summarized total for selling and administrative expenses. When you make an entry to an expense account, use a specific title, such as Depreciation Expense or Interest Expense. Ross uses the effective interest method to amortize any discounts or premiums on investments and bonds payable. The company uses straight-line depreciation for plant assets. Depreciation is recorded at year end to the nearest month. (That means if an asset was purchased March 1, depreciation would be recorded for 10 months.) Remember to catch-up depreciation on any assets disposed of prior to disposal. Do not round your numbers as you do your calculations (such as on amortization tables). But do round the amounts in your journal entries to the nearest dollar. 8. On April 1, 2023, Ross paid cash for 16,000 shares of the common stock of GearPlus, a company with an excellent web presence. The shares cost $9 per share. At the time the shares were purchased, the book value of GearPlus' net assets was undervalued due to real estate holdings. GearPlus showed buildings on their books for $70,000 but the estimated fair value of these buildings was $500,000. The buildings have a remaining useful life of 20 years. At the end of 2023, the shares of GearPlus were selling for $13 per share. GearPlus has 40,000 shares of common stock issued and outstanding. The company's net income for 2023 was $260,000. Ross received a \$1,280 cash dividend from GearPlus on 12/18/2023. 9. On January 1, 2023, Ross borrowed $200,000 from a bank. This installment loan has an interest rate of 7% and is being repaid with monthly payments over 4 years. Ross's first payment on the loan was made Feb. 1, 2023 with payments made monthly on the first day of the month after that. Ross has made and recorded all required monthly payments through Dec. 1, 2023. The balance on the trial balance you were given is the loan balance outstanding after the Dec. 1, 2023 payment. Make year-end entries needed, if any, just for December 31,2023 for this loan. 10. On January 1,2023 , Ross issued $600,000 of 8%,10-year bonds. The bonds pay interest semi-annually on June 30 and December 31 with the first interest payment due on 6/30/2023. The bonds were sold to yield 9%. Make