- Assume that $12,200 of the $32,200 loan discussed above is due next year. - By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $27,200 during the year and fecorded those as Deferred Revenue. - Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $14,200 - For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $6,200. 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the 'Trial Balance' as of December 31, 2022, in the 'Trial Balance' tab. 3. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 5. Record the closing entries in the 'Generat Joumal' tab. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Ent in the first account field.) Prepare an income statement for the period ended December 31,2022 . Choose the approprlate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. \begin{tabular}{|l|r|r|} \hline & 0 & \\ \hline Gross Profit & & $ \\ \hline & 0 & 142,000 \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline Total Operating Expenses & 0 & \\ \hline Operating Income (Loss) & 0 & 142,000 \\ \hline & & 0 \\ \hline & & 142,000 \\ \hline \end{tabular} Adjusted Income statement - Assume that $12,200 of the $32,200 loan discussed above is due next year. - By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $27,200 during the year and fecorded those as Deferred Revenue. - Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $14,200 - For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $6,200. 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the 'Trial Balance' as of December 31, 2022, in the 'Trial Balance' tab. 3. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 5. Record the closing entries in the 'Generat Joumal' tab. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Ent in the first account field.) Prepare an income statement for the period ended December 31,2022 . Choose the approprlate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. \begin{tabular}{|l|r|r|} \hline & 0 & \\ \hline Gross Profit & & $ \\ \hline & 0 & 142,000 \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline Total Operating Expenses & 0 & \\ \hline Operating Income (Loss) & 0 & 142,000 \\ \hline & & 0 \\ \hline & & 142,000 \\ \hline \end{tabular} Adjusted Income statement
