696 Bonds Payable (due 2023) 100,000 Unamortized Discount on Bonds Payable (6.732) Total Long-Term Liabilities 93.268 Total Liabilities 147.540 STOCKHOLDERS EQUITY Common Stock (150,000 shares authorized, par value $1. 130,000 shares issued and outstanding) 130,000 Paid-in Capital in Excess of Par - Common Stock 954,000 Retained Earnings 35.455 Total Stockholders' Equity 1,119.455 Total Liabilities and Stockholders' Equity 1,266,995 GeneralProducts, Inc., provided the following financial and business-related data fc Item # 1 Trademarks were previously acquired for $200,000 on January 1, 2018. Estimated useful life at the time In 2019, there was litigation challenging these trademarks brought by a competitor, and GeneralProduc defended these trademarks at a legal cost of $45,000. The new (updated) useful life of the trademarks All sales were on credit and totaled $940,560. COGS totaled $780,650. Included in the total sales of $940.560 were the sales of 6.000 soap powder boxes. As a premium offer to increase soap powder sales, GeneralProducts includes one special coupon with e to obtain one free premium item-a kitchen utensil. Based on past experience, 60% of the coupons are During 2019, 3,400 coupons were actually redeemed. Also in 2019, GeneralProducts purchased an additional 1,000 premiums (kitchen utensil items) @ $1.10 each on credit to add to its Inventory of 4 Five-year 6%% bonds were issued on January 1, 2018, sold to yield 8% interest. Interest is paid semiannu Maturity value of the bond issue is $100,000 and the issue was sold at a discount of $8,111 for an initia The bond indenture indicated that GeneralProducts may later call and redeem these bonds @ 101 any t These bonds were subsequently called and redeemed on September 1, 2019, following the sale of a ne taking advantage of lower interest rates (see Item 5 below). The effective-interest method is applied to 5 To take advantage of lower interest rates and to finance the call and redemption of the previously issue on September 1, 2019. GeneralProducts issued new 5%% bonds with face value of $100,000 to yield 636