BA 211 Fundamentals of Financial Accounting Extra Credit This project is due Monday, December 3, at 11:59 pm. No late submissions will be graded. Requirements Use the following transaction descriptions and the spreadsheet with the unadjusted trial balance to compose the following items Adjusting journal entries for end of year adjusting transactions (year ends Dec 31) End of year adjusted trial balance Income Statement Statement of Retained Earnings Balance Sheet 1. The equipment was purchased on January 1. Widget Co expects a 5 year life and a residual value of $500. They use the double-declining balance method of depreciation. Widget Co uses the percentage of credit sales method for estimating bad debts. Their historical bad debt percentage is 0.5%. All sales are on credit. 2. 3. The note was issued on July 1 and is a 3 year note issued at 4% interest. The interest is paid every 12 months. The bond was issued on October 1 at 6%, which is the market rate. It is a 5 year bond and interest is paid every 6 months 4