4 (25 marks) The following is the trial balance for Riverside Limited as at 31 December 2021. Riverside Limited Trial Balance as at 31 December 2021 Dr Cr S $ Cash Accounts receivable Allowance for uncollectible accounts Prepaid rent Furniture and fixture Accumulated depreciation - furniture and fixture Accounts payable 4% note payable 280,000 250,000 5,000 30,000 180,000 60,000 100,000 200,000 Ordinary shares, 100,000 shares authorized, 40,000 shares issued and 140,000 outstanding Retained earnings Dividends Service revenue Utilities expense Salary expense Depreciation expense- furniture and fixture Rent expense Additional information: 123,000 80,000 562,000 50,000 120,000 20,000 180,000 1,190,000 1,190,000 (i) Prepaid rent of $30,000 was for the period from 1 January to 28 February 2022. (ii) The required credit balance in allowance for uncollectible accounts as at 31 December 2021 was estimated to be $6,000. No entry had been made to record this. (iii) The 4% note payable of $200,000 was signed by Riverside Limited on 1 July 2021 for a borrowing. The company promised to pay the principal plus interest on 31 March 2022. No entry had been made for the accrued interest. (iv) On 15 December 2021, Riverside Limited issued 10,000 ordinary shares for cash at $5 per share. No entry had been made for this transaction. Required: For Riverside Limited, (a) Prepare the income statement for the year ended 31 December 2021. (b) Prepare the classified statement of financial position as at 31 December 2021. (e) Prepare journal entries to record the payment of the note payable on 31 Narration is NOT required. (9 marks) (12 marks) March 2022. (4 marks) [Total marks for Question 4: 25 marks]