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[The following information applies to the questions displayed below) One Product Corporation (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: Cash 21,400 Accounts Receivable 8.270 Allowance for Doubtful Accounts 1,005 Inventory 12,050 Prepaid Rent 1,840 Equipment 39,400 Accumulated Depreciation 3,640 Accounts Payable 0 Sales Tax Payable 500 FICA Payable 000 withheld Income Taxes Payable 500 Salaries and Wages Payable 1.000 Unemployment Tax Payable Deferred Revenue 4.500 Interest Payable 522 Notes Payable (long term 23, 200 Common Stock 16.700 Additional Paid In Capital, Common 19.783 Retained Earnings 13,920 Treasury Stock 4.000 300 The following information is relevant to the first month of operations in the following year OPC sells its inventory at $150 per unit, plus sales tax of 6 percent OPC's January 1 inventory balance consists of ann ARA Not Check my work 180 units at a total cost of $12,060. OPC's policy is to use the FIFO method, recorded using a perpetual inventory system The $1.840 in Prepaid Rent relates to a payment made in December for January rent this year The equipment was purchased on July 1 of last year. It has a residual value of $1,000 and an expected life of five years. It is being depreciated using the straight line method. . Employee wages are $4.000 per month. Employees are paid on the 16th for the first half of the month and on the first day of the following month for the second half of each month. Withholdings each pay period include $250 of income taxes and $150 of FICA taxes. There withholdings and the employer's matching contribution are paid monthly on the second day of the following month. In addition, unemployment taxes of $50 are accrued each pay period, and will be paid on March 31 Deferted Revenue is for 30 units ordered and paid for in advance by two customers in late Decembet. One order of 25 units is to be filled in January, and the other will be filled in February Notes Payable arises from a three-year 9 percent bank loan received on October 1 tastyent The par value on the common stock is $2 per share. Treasury Stock arises from the reacquisition of 500 shares at a cost of $8 per share. January Transactions a. On 101, OPC poid employees salaries and wages that were previously accrued on December 31 b. A truck is purchased on 1/02 for $13,500 cash. It is estimated this vehicle will be used for 50,000 miles, after which will have no residual value c. Payroll withholdings and employer contributions for December are remitted on 103 d. OPC declares a $0.50 cash dividend on each share of common stock on 1/04, to be paid on V10. e. A $1,010 customer account is written off as uncollectible on 1/05 On 106, recorded sales of 175 units of inventory on account Sales tax is charged but not yet collected or remitted to Prey 1 of 1 Next 9. Sales taxes of $500 that had been collected and recorded in December are paid to the state on 107 n On V08, OPC issued 300 shares of treasury stock for $2.400. Collections from customers on account, totaling 517771, are recorded on 109 JOn 110. OPC distributes the $0.50 cash dividend declared on January 4. The company's stock price is currently $5 per share k OPC purchases on account and receives 70 units of inventory on 11 for $4.270. The equipment purchased last year for $39,400 is sold on ViS for $39,800 cash. Record depreciation for the first half of January prior to recording the equipment disposal m. Payroll for January 1-15 is recorded and paid on 1/16. Be sure to accrue unemployment taxes and the employer's matching share of FICA taxes. n. Having sold the equipment, OPC pays off the note payable in full on 117 The amount paid is $23,817, which includes Interest accrued in December and an additional $95 interest through January 17 o On 127, OPC records sales of 30 units of inventory on account Sales tax is charged but not yet collected or remitted. p. A portion of the advance order from December (25 units) is delivered on 129. No sales tax is collected on this transaction because the customer is a US governmental organization that is exempt from sales tax q. To obtain funds for purchasing new equipment. OPC issued bonds on 130 with a total foce value of $102,000, stated interest rate of 5 percent, onnual compounding, and six-year maturity date, OPC received $92,276 from the bond issuance, which implies a market interest rate of 7 percent. On 131, OPC records units-of-production depreciation on the vehicle (truck), which was driven 2,000 miles this month. 5. OPC estimates that 2% of the ending accounts receivable balance will be uncollectible. Adjust the applicable accounts on 131, using the allowance method. 1. On 131, adjust for January rent expired. u. Accrue January 31 payroll on 1/31, which will be payable on February 1. Be sure to accrue unemployment taxes and the employer's matching share of FICA taxes. Accrue OPC's corporate income taxes on 131, estimated to be $4,930. Prey 1 of 1 Next Required information Use the dropdowns to select the accounts properly included on the classified balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Unadjusted ONE PRODUCT CORPORATION Balance Sheet At January 31 $ 0 0 0 0 0 0 D $ ch Required information 0 0 0 0 0 O 0 0 0 $ 0 0 9,995 0 $ 9,995 $ 9,995 Analysis General General Requirement Statement of Income Journal Trial Balance Statement Stockholders Balance Sheet Ledger Equity Using the information from the requirements above, complete the Analysis tab, What w OPCs total payroll cost for January Total Payroll Cost Wis the carrying value of the bond increase or decrease after recording interest in February? What is the interest payment OPC will need to pay amually on the bond? Interest Payment What was the gain or loss was recognized on the issuance of Treasury Stock on January B? Prey 1 of 1 Next