Below is the trial balance of Saturn Corporation on December 31, 2019. The accounts are listed

in alphabetical order and all accounts have normal balances.

Accounts Payable 1,660

Interest Expense 560

Accounts Receivable 2,580

Interest Payable 80

Accum. Amort. - Copyright 420

Interest Receivable 10

Accum. Amort. - Patent 390

Interest Revenue 90

Accum. Depl. - Gold Mine 4,300

Land 5,000

Accum. Depr. - Bldngs. 3,600

Long-Term Investment in Bonds 4,400

Accum. Depr. - Equip. 1,320

Long-Term Investment in Subsidiary 12,600

Adjustment to Market (debit balance) 260

Loss on Sale of AFS Sec. 260

Administrative Expenses 7,800

Marketable Securities* 2,840

Allowance for Bad Debts 500

Merchandise Inventory 1,390

APIC-Common 2,200

Mortgage Note Payable (30-year) 18,000

APIC-Preferred 1,400

Notes Receivable (short-term) 1,200

APIC-Treasury 300

Patent 1,260

Bonds Payable (15 year) 22,500

Preferred Stock 5,000

Buildings 32,500

Prepaid Insurance 990

Cash 7,120

Rental Revenue 250

Cash Dividends Declared 700

Retained Earnings 8,290

Common Stock 12,000

Salaries Payable 560

Common Stock Dividend Distributable 900

Sales 53,800

Copyright 880

Sales Discounts 820

Cost of Goods Sold 26,200

Sales Returns & Allowances 1,460

Discount on Bonds Payable 1,400

Selling Expenses 12,700

Dividend Revenue 60

Short-Term Notes Payable 950

Dividends Payable 250

SIT Payable 160

Equipment 6,600

Stock Dividends Declared 400

FICA Taxes Payable 140

Subsidiary Income 1,180

FIT Payable 330

Supplies 610

FUTA Taxes Payable 20

SUTA Taxes Payable 60

Gain on Disposal of Plant Assets 120

Treasury Stock 950

Gold Mine 7,100

Unealized Gain on Valuation of MS (Debt) 440

Income Tax Expense 1,080

Unrealized Loss Valuation of MS (Equity) 180

Income Tax Payable 280

Unearned Rental Revenue 300

*short-term bond investments included in Marketable Securities are classified as Available for Sale Securities

Prepare the financial statements for the year for Saturn Corporation--a multi-step income statement,

a statement of retained earnings and a classified balance sheet.

What is different for this project compared to Project #4?

1. New Accounts:

Chapter 10: Bonds Payable is a long-term liability account

Premium on Bonds Payable and Discount on Bonds Payable are an adjunct

and contra account TO the Bonds Payable account

Mortgages Payable is a long-term liability account

Chapter 12: Marketable Securities is a current asset.

Adjustment to Market accounts are either an adjunct (debit balance) OR a contra (credit balance) to the

Marketable Securities account.

Losses and Gains on Sales of investment assets are realized gains and losses on the income statement

Unrealized Losses and Gains on investment assets are on the income statement if the investments are

trading securities and are on the stockholders' equity section of the balance sheet if the investments are

available for sale securities (as either a contra or adjunct account to the total of paid in capital and

retained earnings)

Long-Term Investments in Bonds are long-term investments

Long-Term Investments in Subsidiary Company (under the equity method) are long-term investments

Subsidiary Income (our share of subsidiary net income under the equity method) is on the income

statement

Dividend Revenue is on the income statement

2. Classified Balance Sheet:

We will now have FOUR asset categories: current, plant, intangible, and long-term investments

If you are unable to complete this problem, please allow for someone else to give it a try.

Below is the trial balance of Saturn Corporation on December 31, 2019. The be accounts are listed in alphabetical onder and all accounts have normal balances. de Tine: Balance Acc Tinte Accounts Payable Interest Expense Accounts Receivable Interest Payable Accum. Amort. Copyright Interest Receivable Accum. Amort-Patent Interest Revenue Acum Depl - Gold Mine Acum Depe-Bldings Accum. Depe-Equip Long-Term eventi A t Market balance Losse Sale of AFS See Administrative Expres 7200 Market Securit Allowance for ad Debes Merchandise Inventory 13 APIC-Co Mortgage None Pa y m) APC Preferred Notes Receivable shon-tem) APIC-Treasury Pue 120 Boods Payable (15 year) Preferred Stack Building Prepaidence 7120 Rental Revenue 250 Cash Dividends Declared Retained Earnings Common Stock 12.000 Salaries Payable Common Stock Dividend Distributable 900 Sales 53.800 Copyright Sales Discounts Cost of Goods Sold 26,200 Sales Returns & Allowances 1.466 Discount on and Payable 1,400 Selling Expenses 12,700 Dividend Revenue Short-Term Notes Payable Dividends Payable SIT Payable Equipment Stock Dividends Declared FICA Taxes Payable Sidiary Income LINO FIT Payable Supplies FUTA Taxes Payable SUTA Taxes Payable Gain on Disposal of Plant Assets Treasury Stock Gold Mine 7,100 Uncalized Gain on Valuation of MS (Debt) Income Tax Expense 1.OBO Unrealized Loss Valuation of MS (Equity) INO Income Tax Payable 280 Uncamed Rental Revenue "short-term bond investments included in Marketable Securities are classified as Available for Sale Securities REQUIRED: Prepare the financial statements for the war for Saturn Corporation-a multi-step income statement, a statement of retained earnings and a classified balance sheet. What is different for this project compared to Project 47 New Accounts: Chapter 10: Bonds Payable is a long-term liability account Premium on Bonds Payable and Discount on Bonds Payable are an adjunct and contra account To the Bonds Payable account Mortgages Payable is a long-term liability account Chapter 12 Marketable Securities is a current asset. Adjustment to Market accounts are either an adjunct (debit balance) OR a contra (credit balance) to the Marketable Securities account Losses and Gains on Sales of investment assets are realized gains and losses on the income statement Unrealized Losses and Gains on investment assets are on the income statement if the investments are trading securities and are on the stockholders' equity section of the balance sheet if the investments are available for sale securities (as cither a contra or adjunct account to the total of paid in capital and retained camings) Long-Term Investments in Bonds are long-term investments Long-Term Investments in Subsidiary Company under the method) are leg-term investments Subsidiary Income (our share of subsidiary net income under the oquity method) is on the income 100 Dividend Revenue is on the income statement Clawfied Balance Sheet We will now have FOUR asset categories current, plant, intangible, and long-term investments Below is the trial balance of Saturn Corporation on December 31, 2019. The be accounts are listed in alphabetical onder and all accounts have normal balances. de Tine: Balance Acc Tinte Accounts Payable Interest Expense Accounts Receivable Interest Payable Accum. Amort. Copyright Interest Receivable Accum. Amort-Patent Interest Revenue Acum Depl - Gold Mine Acum Depe-Bldings Accum. Depe-Equip Long-Term eventi A t Market balance Losse Sale of AFS See Administrative Expres 7200 Market Securit Allowance for ad Debes Merchandise Inventory 13 APIC-Co Mortgage None Pa y m) APC Preferred Notes Receivable shon-tem) APIC-Treasury Pue 120 Boods Payable (15 year) Preferred Stack Building Prepaidence 7120 Rental Revenue 250 Cash Dividends Declared Retained Earnings Common Stock 12.000 Salaries Payable Common Stock Dividend Distributable 900 Sales 53.800 Copyright Sales Discounts Cost of Goods Sold 26,200 Sales Returns & Allowances 1.466 Discount on and Payable 1,400 Selling Expenses 12,700 Dividend Revenue Short-Term Notes Payable Dividends Payable SIT Payable Equipment Stock Dividends Declared FICA Taxes Payable Sidiary Income LINO FIT Payable Supplies FUTA Taxes Payable SUTA Taxes Payable Gain on Disposal of Plant Assets Treasury Stock Gold Mine 7,100 Uncalized Gain on Valuation of MS (Debt) Income Tax Expense 1.OBO Unrealized Loss Valuation of MS (Equity) INO Income Tax Payable 280 Uncamed Rental Revenue "short-term bond investments included in Marketable Securities are classified as Available for Sale Securities REQUIRED: Prepare the financial statements for the war for Saturn Corporation-a multi-step income statement, a statement of retained earnings and a classified balance sheet. What is different for this project compared to Project 47 New Accounts: Chapter 10: Bonds Payable is a long-term liability account Premium on Bonds Payable and Discount on Bonds Payable are an adjunct and contra account To the Bonds Payable account Mortgages Payable is a long-term liability account Chapter 12 Marketable Securities is a current asset. Adjustment to Market accounts are either an adjunct (debit balance) OR a contra (credit balance) to the Marketable Securities account Losses and Gains on Sales of investment assets are realized gains and losses on the income statement Unrealized Losses and Gains on investment assets are on the income statement if the investments are trading securities and are on the stockholders' equity section of the balance sheet if the investments are available for sale securities (as cither a contra or adjunct account to the total of paid in capital and retained camings) Long-Term Investments in Bonds are long-term investments Long-Term Investments in Subsidiary Company under the method) are leg-term investments Subsidiary Income (our share of subsidiary net income under the oquity method) is on the income 100 Dividend Revenue is on the income statement Clawfied Balance Sheet We will now have FOUR asset categories current, plant, intangible, and long-term investments