1) Prepare a classified balance sheet as at May 31, 2021.

Captain America Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2021, the following were the account balances of Captain America Corporation: Cash Accounts Receivable Inventory (300 units) Van Furniture & Fixtures Debits 30300 12000 57000 27000 9000 Allowance for Doubtful Accounts Accumulated Depreciation (Van) Accumulated Depreciation (Furniture & Fixtures) Accounts Payable Common Shares Retained Earnings Total Credits Credits 1800 24000 3000 7500 12000 87000 135300 Total Debits 135300 During May 2021, the following transactions took place: May 1: Bought 96 desktop printers for $120 each on account. May 1: Bought a van, paying $6300 cash as a down payment and signed a 7 month $21000, 6% note payable for the balance. The company paid $420 to have its company logo painted on the side of the van. The residual value is $3300. The old van was sold for $4800; it cost $27000 and acculumated depreciation up to the date of disposal was $24000. May 10: Sold 96 printers to Falcon Inc. on account. May 12: Advanced Idea Mechanics ed to sign a 60-day note receivable to replace a $900 accounts receivable due that day. The interest rate the note is 3.9%. May 20: Sold 7 printers to Iron Man Inc. using a VISA card to pay for the transaction. A 2.1% service fee is charged by VISA. May 22: Sold 54 printers to Sam Wilson Public School on account. May 24: Returned for credit 4 damaged printers from Falcon Inc., costing $102 each. May 28: Received payment in full from Falcon Inc. for tha balance owing May 28: Wrote off as uncollectable $1500 of accounts receivable. May 29: Paid accounts payable, $6600. May 30: Recovered an accounts receivable that was written off in April, $420. May 31: Paid operating expenses totalling $27300. May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 8 years. The furniture & fixtures are depreciated using the straight-line method over 4 years. There is no residual value on the furniture and fixtures. May 31: Recorded interest on the note payable. May 31: Recorded interest on the notes receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: Number of Days Outstanding 0-30 days 31-60 days 61-90 days 90+ days Accounts Receivable $16200 $7200 $1800 $540 Estinated Percentage Uncollectable 1.2% 3% 6% 12% Other Information: 1) The selling price for each of the printers is $270. 2) Captain America Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Captain America Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Returns, Sales Revenue. Not all accounts have been used each period. Captain America Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2021, the following were the account balances of Captain America Corporation: Cash Accounts Receivable Inventory (300 units) Van Furniture & Fixtures Debits 30300 12000 57000 27000 9000 Allowance for Doubtful Accounts Accumulated Depreciation (Van) Accumulated Depreciation (Furniture & Fixtures) Accounts Payable Common Shares Retained Earnings Total Credits Credits 1800 24000 3000 7500 12000 87000 135300 Total Debits 135300 During May 2021, the following transactions took place: May 1: Bought 96 desktop printers for $120 each on account. May 1: Bought a van, paying $6300 cash as a down payment and signed a 7 month $21000, 6% note payable for the balance. The company paid $420 to have its company logo painted on the side of the van. The residual value is $3300. The old van was sold for $4800; it cost $27000 and acculumated depreciation up to the date of disposal was $24000. May 10: Sold 96 printers to Falcon Inc. on account. May 12: Advanced Idea Mechanics ed to sign a 60-day note receivable to replace a $900 accounts receivable due that day. The interest rate the note is 3.9%. May 20: Sold 7 printers to Iron Man Inc. using a VISA card to pay for the transaction. A 2.1% service fee is charged by VISA. May 22: Sold 54 printers to Sam Wilson Public School on account. May 24: Returned for credit 4 damaged printers from Falcon Inc., costing $102 each. May 28: Received payment in full from Falcon Inc. for tha balance owing May 28: Wrote off as uncollectable $1500 of accounts receivable. May 29: Paid accounts payable, $6600. May 30: Recovered an accounts receivable that was written off in April, $420. May 31: Paid operating expenses totalling $27300. May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 8 years. The furniture & fixtures are depreciated using the straight-line method over 4 years. There is no residual value on the furniture and fixtures. May 31: Recorded interest on the note payable. May 31: Recorded interest on the notes receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: Number of Days Outstanding 0-30 days 31-60 days 61-90 days 90+ days Accounts Receivable $16200 $7200 $1800 $540 Estinated Percentage Uncollectable 1.2% 3% 6% 12% Other Information: 1) The selling price for each of the printers is $270. 2) Captain America Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Captain America Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Returns, Sales Revenue. Not all accounts have been used each period