ACR15 Quigley Corporation's trial balance at December 31, 2020, is presented below. All 2020 trans- actions have been recorded except for the items described below. Cash Debit $ 25,500 Accounts Receivable 51,000 Inventory 22.700 Land 65,000 Buildings 95,000 Equipment 40,000 Allowance for Doubeful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) Paid-in Capital in Excess of Par-Common Stock Preferred Stock ($20 par) Paid-in Capital in Excess of Par-Preferred Stock Retained Earnings Treasury Stock Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense Total Unrecorded transactions and adjustments: Credit 450 30.000 14,400 19.300 -0- -0- 8,000 50,000 30,000 6,000 ---0-- -0- 75,0501 570,000 ---0- -0- ---0- 400,000 ---0-- 39,000 65,000 $803,200 $803,200 1. On January 1, 2020, Quigley issued 1,000 shares of $20 par, 6% preferred stock for $22,000. 2. On January 1, 2020, Quigley also issued 1,000 shares of common stock for $23,000. 3. Quigley reacquired 300 shares of its common stock on July 1, 2020, for $49 per share. 4. On December 31, 2020, Quigley declared the annual cash dividend on the preferred stock and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2021. 5. Quigley estimates that uncollectible accounts receivable at year-end is $5,100. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,000. 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $4,000. 8. The unearned rent was collected on October 1, 2020. It was the receipt of 4 months' rent in advance (October 1, 2020 through January 31, 2021). 9. The 10% bonds payable pay interest every January 1. The interest for the 12 months ended Decem- her 31, 2020, has not been paid or recorded. Instructions (Ignore income taxes.) a. Prepare journal entries for the transactions and adjustment listed above. b. Prepare an updated December 31, 2020, trial balance, reflecting the journal entries in (a). b.