6 8 9 ACCT 551 Course Project Instructions and Data This course project is designed to apply financial reporting principles relating t GeneralProducts, he was incorporated in Nevada on Jandar To complete this project you need to use the francis information bell Tocal retall chain and to supply good to curtones prior year's Balance Sheet dated December 21, 2018 slong with GeneralProducts, Inc. Balance Sheet As of December 31, 2018 ASSETS 10 11 12 15 15 717 18 19 20 21 22 123 124 25 Cument Assets Cash Accounts Receliable Inventory Inventory of Premurs ($1 Total Cument Assets Long-Term Assets investments Property Plant and Equipment FPSE Less Accumulated Depreciation Total Long-Term Assets Intangible Assets Trademarks Total Assets 71940 317060 750000 660000 190000 126 127 20 129 134 35 Oument LisbTes Accounts Payable Lisbility for PremmumE Interest Payable on 6% Bands) Total Curent Lisbites Long-Term Lisbilltes 6% Bonds Payable (due 2023) Unamortized Discount on Bands Payable LIABILMES 507 3000 544272 100000 37 Total Long-Tem Lisbites Total Lisbilities 147540 39 140 STOCKHOLDERS EQUITY 41 Common Stock 142 50000 shares autored par value St 943 130000 shores sued and butstanding 130000 44 45 Paid-in Capital in Excess of Par-Common Stock Retained Eamings 954000 35455 45 Total Stockholders' Equity 1119455 47 46 Total Liabilities and Stockholders' Equity 1266995 Description O a ollowing toansal and business-related data for 2019 below Sayt 2018 Estimated useful life at the time of acquisition was 20 years. Swagse trademarks brought by a competitor and General Products successfully case of $5000. The new (updated) useful life of the trademarks was estimated to be 25 years from the date of acquisition. See the sans of soap powder bos A e so we ses dels nolades one special coupon with every soap powder box Customers can redeem 4 coupons mumitem atentes Sed on past experience 0% of the coupons are expected to be redeemed by customers. 30% sweatly redeem Also in 2018 Generalfroducts purchased zemuns kichenstems) each on credit to add to its Inventory of Premiums. Ser stans were stonanay 2016 sod to wed interest Interest is paid semiannually on January 1 and June 30 for these bonds. by theses and the ssue was sold at a discount of $111 for an initial carving value of $91.889 The bees may later call and redeem these bonds @101 any time after June 30, 2019 The answers and redeemed on September 1, 2019 following the sale of a new 5% bond issue gbantage of ove The age of over stats see ten Selow). The effective interest method is applied to amortize the discount estas ante ance the cail and redemption of the previously issued 6% bonds @ 101 So 128 Gos sue now bands with face value of $100,000 to yield 6% arty of these new Sans were susta vestments instative Senses Catholictest tan customes to Canagers et ss 10 years and interest is paid semiannually on January 1 and June 30. Sannitial carrying value of $92582 on July 1, 2019. to amaze the discount acuding oness tems totaled $87345 PP&E is depreciated using the straight-line method over 25 years of life. $806452 ses totaled $728.254 Rechises divertor totaled $25 41 urchases were on credit Pocs candor S0000 advance of construction of a building and paid in full. Description be completed A O D F G THE DOTIC CUTICOS 5 7 68119 10 H marcated that Genie TOOOCs may rare con and redeem HONOR T TO uny These bonds were subsequently called and redeemed on September 1, 2019, following the sale of a new taking advantage of lower interest rates (see Item 5 below). The effective-interest method is applied to a To take advantage of lower interest rates and to finance the call and redemption of the previously issued on September 1, 2019, General Products issued new 5% bonds with face value of $100,000 to yield 6% The maturity period of these new 5% bonds is 10 years and interest is paid semiannually on January 1 an The new 5% bonds were issued at a discount of $7,438 for an initial carrying value of $$92,562 on July 1, 2 The effective-interest method is applied to amortize the discount. Selling and Administrative Expenses excluding non-cash items totaled $87,345. PP&E is depreciated using Cash collected from customers totaled $906,450. Cash paid to suppliers for credit purchases totaled $728,254. Purchases of inventory totaled $689,525. All purchases were on credit. General Products purchased land for $30,000 in advance of construction of a building and paid in full. Requirements to be completed: Requirement 1 Record the necessary journal entries for 2019. 2 Prepare the Income Statement and Statement of Retained Earnings for the year 2019. 3 Prepare the classified Balance Sheet as of December 31, 2019. 4 Show full calculation work! Please round your calculated answers to the closest dollar and ignore taxes