1 pur Prepare the Connect Assignment Assignment The Helmrich Saved Help Save & Exit Check m The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, Included the following account balances. Manufacturing's 2021 financial statements were issued on April 1, 2022. Accounts receivable Accounts payable 128 notes, payable to bank Mortgage note payable $ 100,000 48,400 628,000 1,230,000 Other Information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity, b. The mortgage note is due on March 1, 2022. Interest at 11% has been paid up to December 31 (assume 11% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing paid $260,000 in cash on the principal balance and refinanced the remaining $970,000. c. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been overpald and had credit balances totaling $21,650. The accounts were of two major customers who were expected to order more merchandise from Manufacturing and apply the overpayments to those future purchases. d. On November 1, 2021, Manufacturing rented a portion of its factory to a tenant for $37,200 per year, payable in advance. The payment for the 12 months ended October 31, 2022, was received as required and was credited to rent revenue. Required: 1. Prepare any necessary adjusting journal entries at December 31, 2021, pertaining to each item of other Information (3-0). 2. Prepare the current and long-term liability sections of the December 31, 2021, balance sheet. Complete this question by entering your answers in the tabs below. Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. Prepare the current and long-term liability sections of the December 31, 2021, balance sheet. s Manufacturing Equitable Balance Sheet (partial) At December 31, 2021 Current liabilities: Accounts payable 12% notes payable, due July 31, 2022 Current portion of long-term debt Accrued interest payable Interest expense Deferred rent revenue OOO 48,400 628,000 260,000 21,650 31,400 31,000 1,020,450 Total current liabilities Long-term liabilities: Mortgage note payable to be refinanced on a long term basis 970,000 Total Long-term Liabilities Total Liabilities 970,000 $ 1.990.450 MacBook 3 5. E