Build-A-Monster, Inc. is a steadily growing retail establishment where people of all ages can play Dr. Frankenstein and build their own monster (it is a common misnomer to refer to the monster in Mary Shelley's novel as "Frankenstein"). The business started up in 2010, just after the most recent recession ended. All sales and purchases are on account and the tax rate is 21%. The following transactions occurred during the current year (2020). Record them, as well as any necessary adjusting entries. The prior year 2019 financials have been provided. Using these, produce a set of four comparative financials. Presentation is a key component in properly reporting the financial position of the company! 1 Paid Accounts Payable, Accrued Salaries, and Accrued Taxes owed from last year. 2 Purchased inventory during the year that cost $5,920,000. The company owed $768,200 on these purchases at year end. 3 Total Salaries Expense for the year were $3,170,500. Salaries of $249,800 are still payable at year end. 4 Sales of Monsters for the year were $10,946,780. 5 The total cost of the goods sold during the year was $6,748,206. 6 Total cash collections for the year were $10,754,307. 7 Paid $68,520 to renew their annual insurance policy (new rate). The new policy is effective beginning March 1. 8 Made a principal and interest payment on the long-term note as scheduled. (It may be helpful to create an amortization schedule. The $1,000,000 loan was originally taken out on July 1, 2010 and terms require 15 annual payments including 5.5% interest and principle to be made every June 30.) 9 Sold the old "It's Alive!" platform and pulley system (originally cost $5,000 ). This set up has been around since the beginning and was fully depreciated assuming no salvage value. Some superfan was very excited to buy the equipment and paid $6,000 for it all. 10 Throughout the year, made three quarterly estimated tax payments of $25,000 each. 11 During the year, property additions totalled $267,000 (paid with cash). 12 Record AJE for Depreciation Expense. According to your property subsidiary ledger, depreciation expense for all depreciable assets is $114,211. 13 Based on reconnaissance from hours of meaningless Facebook scrolling, the owner noticed one of her customers posted a politically charged rant and a picture of their new home in Canada. Seems like you won't be seeing the \$1,254 they owe you from their kid's birthday party at one of the retail locations. Record the necessary write-off. 14 Record AJE for Bad Debts. The company still believes that 1.5\% of ending Accounts Receivable is a reasonable estimate of its Allowance for Doubtful Accounts balance. 15 Record AJE for Insurance Expense. 16 Record AJE for Interest Expense as of year end. 17 Paid cash dividend to common shareholders totaling $220,000