5 Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash, $673,000, Row Materials Inventory, $59,000: Work in Process Inventory, $36,000; Finished Goods Inventory, $60,000, Common Stock, $592000; and Retained Earnings, $236,000. Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions 4 points Book Print 1. Paid $31,000 of research and development costs. 2. Paid $58,000 for raw materials that will be used to make eBook readers. 3. Placed $91000 of the raw materials cost into the process of manufacturing eBook readers. 4. Paid $70,000 for salaries of selling and administrative employees. 5. Paid $96,000 for wages of production workers. 6. Paid $83,000 to purchase equipment used in selling and administrative offices 7 Recognized depreciation on the office equipment. The equipment was acquired on January 1, Year 2. It has a $13,000 salvage value and a seven-year life. The amount of depreciation is computed as [[Cost - salvage) + useful life). Specifically. ($83,000 - $13,000) = 7$10,000. 8. Paid $150,000 to purchase manufacturing equipment. 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1 Year 2. It has a $30,000 salvage value and a eight-year life. The amount of depreciation is computed as (Cost - salvage) + useful life]. Specifically, ($150,000 - $30,000) + 8 = $15,000 10. Paid $59,000 for rent and utility costs on the manufacturing facility 11. Paid $71000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries of warehouse personnel, and other general storage cost). 12. Completed and transferred eBook readers that had total cost of $241,000 from work in process inventory to finished goods. 13. Sold 930 eBook readers for $430,000 14. It cost Antioch $186,000 to make the eBook readers sold in Event 13. References Required: a. Show how these events affect the balance sheet income statement, and statement of cash flows by recording them in a horizontal financial statements model C-1. Prepare a schedule of cost of goods manufactured and sold for the year c-2. Prepare a formal income statement for the year c-3. Prepare a balance sheet for the year. 5 WATCH COMPANY Halance 4 pour Event No A Stockholders Cash Wors in Process inventary M Finished Goods vo Furniture DV Manuachung Stock Italhe Eng 236.000 peme einen 673.000 - 50.000 0009 50.000 197,000 1 . M 3 - 4 - 5 . 9 7 . O . 10 10. 11 12 13 + 14 236.000 0 0 lo 592.000 60,000 Total 59,000 - 673,000 36.000 > WORDS Chapter 10 Graded Homework Here Sub Check my w 5 ANTIOCH COMPANY Financial Statement Model lance Sheet Income 4 Stockholders' Equity Statement of Cash Flow AV Office Furniture BV Manuteng ent Common Sk Net Income med Revenge Emin 238,000 582.000 ces + . 0 592.000 O 236.000 O. + Regc > Check my work 07 5 Complete this question toy entering your answer in the tabs below. Rea Reg CI Reg C2 Red ca Prepare a schedule of cost of goods manufactured and sold for the year. (Amounts to be deductes should be indicated with minus sign eBook Print References ANTIOCH COMPANY Schedule of Cost of Good Manufactured and sold For the Year Ended December 31, Year 2 Beginning raw materials inventory Purchases Raw materials available Ending raw materials inventory Raw materials used 0 Labor Overhead Total manufacturing costs O Beginning work in process inventory Total work in process inventory 0 Ending work in process inventory 0 Cost of goods manufactured Beginning finished goods inventory 0 Goods available Ending finished goods inventory $ 0 Cost of goods sold points financial statements model 1. Prepare a schedule of cost of goods manufactured and sold for the year. 2. Prepare a formal income statement for the year c-3. Prepare a balance sheet for the year. Complete this question by entering your answer in the tabs below. Print Reg A Reg CI Reg C2 Reg C3 References Prepare a formal income statement for the year ANTIOCH COMPANY Income Statement For the Year Ended December 31, Year 2 Check my w 5 c-3. Prepare a balance sheet for the year Complete this question by entering your answer in the tabs below 4 points REGA Reg Res 2 Reg C3 Prepare a balance sheet for the year. Book ANTIOCH COMPANY Balance Shoot As of December 31, Year 2 Print Assets References $ 0 Total assets Stockholders' Equity $ Total stockholders equity