Accounting: Please use Excel when possible to answer the questions below. Please answer all ASAP. Thank you.

Question 1

Question 2

Question 3

a. Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2023 and 2024. Note that the estimated percentages uncollectible are the same for both years. Comment on the results. b. Record the adjusting entry relating to credit losses on December 31, 2023. c. Record the write-off of uncollectible accounts in 2024. d. Record the collection of accounts previously written off in 2024. e. Prepare the adjusting entry relating to credit losses on December 31, 2024. f. Calculate the carrying amount of Reiko's accounts receivable at December 31, 2023 and 2024. Part III. The intangible assets and goodwill reported by Ip Corp. at December 31, 2023, follow: The company acquired the patents in January 2022 and they have a useful life of 10 years. A copyright (\#1) that the company acquired in January 2018 also has a useful life of 10 years. The company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactions may have affected intangible assets and goodwill during 2024: Jan. 2 Paid \$22,500 in legal costs to successfully defend the patents against infringement by another company. Determined that the revised annual amortization for the patents will be $9,812. July 1 Developed a new product, incurring $220,000 in research costs and $60,000 in development costs with probable future benefits. The useful life of the new product is equal to 20 years. Sept. 1 Paid $11,000 to an Olympic curler to appear in commercials advertising the company's products. The commercials will air in September. Oct. 1 Acquired a second copyright for $16,000. Copyright #2 has a useful life of five years. Dec. 31 Determined the fair value of the goodwill to be $175,000. There was no indication that the patents or copyrights were impaired. Part I. An aging analysis of Reiko Limited's accounts receivable at December 31, 2024 and 2023, showed the following: Additional information: 1. At December 31, 2023, the unadjusted credit balance in Allowance for Expected Credit Losses was $3,000. 2. In 2024,$28,000 of accounts were written off as uncollectible and $3,000 of accounts previously written off were recovered. Instructions a. Record the above transactions. b. Record any adjusting entries required at December 31 . c. Calculate net balances of land, buildings, and equipment at December 31 . Part II. At January 1, 2024, Hammersmith Limited reported the following property, plant, and equipment accounts: The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40 -year life and no residual value; the equipment is estimated to have a 10 -year useful life and no residual value. During 2024, the following selected transactions occurred: Apr. 1 Purchased land for $3.8 million. Paid $950,000 cash and issued a 10-year, 6% mortgage payable for the balance. Interest is payable at maturity. May 1 Sold equipment for $700,000 cash. The equipment cost $1.5 million when it was originally purchased on January 1, 2020. June 1 Sold land for $2.4 million. Received $760,000 cash and accepted a 6% note for the balance. The note is due at maturity. The land cost $600,000 when purchased on June 1, 2021. July 1 Purchased equipment for $2 million on account, terms n/60. Sept. 2 Paid amount owing on account for purchase of equipment on July 1. Dec. 31 Retired equipment that cost $940,000 when purchased on January 1, 2015. No proceeds were received. 31 Tested land for impairment and found that its fair value was $11 million. Instructions a. Prepare the journal entries to record the above transactions. b. Prepare any adjusting journal entries required at December 31 . c. Calculate net balances of the intangible assets and goodwill at December 31, 2024