Below is a balance sheet for Rick, Frank and Stan Co. as of December 31, 2019:

Rick, Frank and Stan Co. Balance Sheet As of December 31, 2019 (000s)
Assets			Liabilities and Equities
Cash	$ 87.0		Accounts Payable	$150.0
Accounts Rec.	154.0		Wages Payable	36.0
Inventories	203.0		Interest Payable	12.0
Prepaid Rent	25.0		Other Accrued Liabilities	64.0
Total Current Assets:		$ 469.0	Total Current Liabilities:		$ 262.0
			Mortgage Payable		325.0
Property, Plant & Equipment	$700.0		Total Liabilities:		$ 587.0
Accumulated Depreciation	(280.0)
Property, Plant & Equip., net		$ 420.0	Common Stock	$ 20.0
Land		170.0	APIC	200.0
Other Assets		35.0	Retained Earnings	287.0
Total Non-current Assets:		$ 625.0	Shareholders' Equity:		$ 507.0
Total Assets		$1,094.0	Total Liabilities & Shareholders' Equity		$1,094.0

The following information pertains to 2019. Prepare all necessary journal entries:

a.	Sales were $2,100,000, 70% on account and 30% cash sales.
b.	Collections on accounts receivable were $1,550,000.
c.	On January 1, 2019, Rick, Frank and Stan sold a building for $77,000 cash. The building originally cost $200,000 and had accumulated depreciation of $120,000.
d.	Rick, Frank and Stan calculate depreciation expense using the straight-line method and an asset life of five years for Property, Plant & Equipment.
e.	The mortgage has an interest rate of 5 percent.
f.	Dividends declared and paid: $75,000.
g.	Cash paid for wages was $220,000, including wages accrued in the previous year.
h.	Total wage expense for 2019 was $230,000, including what was paid in transaction g.
i.	Cash payments for selling, general, and administrative expenses: $95,000. These payments are in addition to any SG&A expenses that are derived from prepaids or liability accounts.
j.	Interest paid was $30,000, including interest accrued in the previous year.
k.	Purchases were $1,520,000, all on account. (The company using the perpetual inventory system.)
l.	A physical count of inventory found $224,000 on hand at December 31, 2019. Please record cost of goods sold for the year.
m.	Payments on accounts payable were $1,460,000.
n.	Additions to prepaid rent: $60,000.
o.	The balance of prepaid rent at December 31, 2017 was $30,000.
p.	The beginning balance of "other accrued liabilities" was paid off in cash. Other accrued liabilities at the end of the year, all relating to miscellaneous expenses, amounted to $55,000.