Can you please help me balance my trial balance and adjustments?

The following is information for ABC-a publicly traded company Condensed Balance Sheet at end of 2019 (amounts in thousands) Income Statement for 2019 Statement of comprehensive Income Current Assets 2019 Cash $ 4,650 Sales $ 265,320 Net Income $ 48,967 Accounts Receivable $ 18,260 Cost of Goods Sold $ 148,290 Other Comprehensive Income Inventory $ 21,275 Gross Profit $ 117,030 Unrealized Gain on Prepaid insurance $ 5,700 AFS Debt Securities 5 158 Total Current Assets $ 49,885 Wages Expense $ 23,450 Income Tax Effect $ (33) Property, plant and Equipment $ 311,000 Depreciation Expense $ 15,220 Total Other Comprehensive li $ 125 Accumulated Depreciation $ (103,500) Amortization Expense $ 1,500 Patent $ 36,000 Insurance Expense $ 767 Comprehensive Income $ 49,125 AFS Debt Securities $ 2,100 Interest Expense $ 10,150 Total Assets $ 295,485 other Expense $ 3,960 Current Liabilities Total Expenses $ 55,047 Accounts Payable $ 25,862 Income before Taxes $ 61,983 Wages Payable $ 1,085 Income Tax Expense $ 13,016 Unearned Revenue $ 1,600 Net Income $ 48,967 Total Current Liabilities $ 28,547 Note Payable $ 114,000 Earnings Per Share $ 4.90 Bond Payable in 2021 $ 30,000 Equity common Stock ($1 par, 10,000 shares $ 10,000 Statement of Changes in Stockholders Equity-2019 $ 20,800 CS APIC RE AOCI Retained Earnings $ 92,435 Beginning $ 10,000 $ 20,800 $ 47,468 $ (422) Accumulated other comprehensive Le $ (297) Total OCI $ 125 Liabilities and Equity $ 295,485 Net Income $ 48,967 Dividends $ (4,000) Ending Balance s 10,000 $ 20,800 $92,435 $ (297) Results for 2020 Sales $ 279,300 All sales on credit Inventory Purchases on credit = 191,400 and ending inventory $56200 Depreciation expense $ 16,000 not including assets sold, bought or found Patent purchased in 2018 and determined to have remaining useful life of 12 years in 2020 Wages Expense $ 29,250 Paid in cash $ 2,194 owed at end of 2020 Insurance policy indicates that $5,700 was paid in May 2019 for 24 month coverage starting May 1 2019. During 2020 found an asset purchased and recorded in 2016 that had not been depreciated -cost 4,230 no salvage 10 year useful life Sold AFS Debt Securities that cost 400 for 390 in cash ($7 loss in AOCI recorded previously) Sold equipment that cost 3,000 with accumulated depreciation of 2,590 (360 in 2020) for $200 in cash. Purchased new equipment costing $6,975 with $2,000 down payment and 10% note payable on December 1, 2020 (first payment due January 1, 2021) 10 year useful life and no salvage Collections on A/R = 275,320 Payments on A/P = 176,500 - all accounts payable deal with inventory APIC All service agreements sold to customers in 2019 completed in 2020. New service agreements sold for $2460 in cash during 2020 - 40 percent of the services provided during 2020 Bond terms - interest only for 6.5% paid annually on September 1. firm agreement with a bank signed on December 15 to refinance bond to a 5 year note in 2021 Note Payable - payment of $3,300 made March 30, June 30, Sept 30 and December 31 interest of 8% per year plus principle Fair value of remaining Af Debt Securities $1,405 Dec 30, 2020 paid dividends equal to 5.50 per share. Other Information Tax rate is 21% (unlike 2019 income taxes have not been paid) Half year convention for depreciation Required: 1. Show journal entries or accounts for results of 2020 operations. 2. Create an income statement including taxes and required EPS disclosures for 2020. 3. Create a statement of comprehensive income for 2020 4. Create a statement of changes in stockholders equity for 2020 5. Create a balance sheet for the end of 2020. 6. Create a cash flow statement for 2020 using the indirect method. 7. Show any necessary disclosures for 2019 that would be needed if both 2019 and 2020 were to be reported Adjust/Corrections 984 3000 1900 ABC Company Trial Balance as of Dec 31, 2020 Revenue Cost of revenue Patent Wages Expense Wages Payable Pre-paid insurance Insurance expense Interest expense Unearned revenue AFS Debt Securities 2 Cash Accounts receivable Inventories 5 Provision for income taxes Property, Plant & Equipment - Depreciation Expense 3 Accumulated depreciation Accounts payable Bond Payable in 2021 Notes payable 2 Interest payable Common Stock $1 par, 10,000 shares Retained earnings 5 Dividends 5 Accumulated other comprehensive income 279,300 156,475 36,000 29,250 2,194 5,700 1,900 41 1,600 1,405 4,650 18,260 21,275 Trial Balance 279,300 156,475 36,000 29,250 2194 5,700 1,900 41 1600 1,405 4,650 18,260 21,275 Trial Balance After 280,284 156,475 33,000 29,250 2194 3,800 1900 10,055 3,076 1005 75,270 22,240 56,200 10,014 984 2,460 400 278370 207750 279300 275320 191400 156475? 3000 311,000 16,000 6975 4509.56 360 176500 1509.56 191400 311,000 16,000 103,500 25,862 30,000 114,000 41 10,000 92,435 5,000 (297) 103,500 25,862 30,000 114,000 41 10,000 92,435 13200 4975 10014 314,975 20,539 $20,539 104,621 40,762 30,000 105,775 10,055 10,000 92,435 5000 96 729,709 699,837 5,000 (297) 658,635 393 702,706 606,956 962,013 COGS = 21275 + 191400 - 56200 = 156475? Results for 2020 Sales 279,300 INV PURCHASES ON CREDIT = 191,400 ENDING INV 56200 191400-AP DEPRECIATION EXP 16000 16000 STARTING DEP 191400 - INV EXP PATENT PURCHASED '18 USEFUL LIFE 12 YEARS IN 2020 3000-CREDIT PATENT 3000-Debit DEPREC EXPENSE WAGES EXP 29250-PAID IN CASH. 2194 OWED AT END OF 2020 29250-WAGES EXP 29250-CASH INSURANCE 5700 - PD IN 2019 FOR 24 MON COVERAGE STARTING 5/1/19 1900- 1900-CR PPD INSURANCE EXP INS 36000/12 = 3000 2194 WAGES PAYABLE 237.50/M ONTH X 8 MONTHS 423/YEAR X 3+ 211.50 (HALF YR CONV) DURING 2020, FOUND ASSET PURCHASED AND RECORDED IN '16 THAT WAS NOT DEPRECIATED-COST 4230 NO SALVAGE, 10 YEAR USEFUL LIFE 1480.50 - DEB DEP EXPENSE 1480.50 - CRED ACC DEPR EXPENSE SOLD AFS DEBT SEC THAT COST 400 FOR 290 CASH ($7 LOSS IN AOCI PREV RECORDED) (7) -CRED AOCI SOLD EQUIP THAT COST 3000 W/ ACC DEPREC 2,690 (360 200-DEBIT IN 2020) FOR 200 CASH CASH PURCHASED NEW EQUIP COSTING 6975 WITH 2000 DOWN PAYMENT AND 10% NOTE PAYABLE ON 12/1/20 (FIRST PAYMENT DUE 1/1/21) 41.46 - DEBIT INTEREST EXPENSE 400-DEBIT 400 - DEBT SEC CREDIT 390-DEB CASH AFS AOCI 360- 3000 - CREDIT DEBIT ACC EQUIP DEPREC 6975/10 YEARS-69 7.50/YEAR 41.46- /2 HALF CREDIT YR INTEREST CONVEN- PAYABLE 348.75 348.75/ 12 MONTHS = 29.06- CRED 29.06 FOR ACC DEPR DEC EXPENSE DEPREC 6975 - DEBIT PLANT, EQUIP DEBIT CASH CREDIT CASH 4975 X 10% / 12 MONTHS =41.46 INTEREST DEC '20 29.06-DEB 10 YEAR USEFUL LIFE NO SALVAGE DEPR EXPENSE 4975 - CREDIT NOTE PAYABLE A/R 275320 CREDITAR A/P PAYMENTS 176500 DEBIT AP ALL SVC AGREEMENTS TO CUSTOMERS IN '19 COMPLETED 984-CREDIT IN'20. REV 2460 - DEBIT CASH 984 - DEBIT NEW SVC AGREEMENTS SOLD FOR 2460 CASH DURING '20 2460-CREDIT UNEARNED -40% OF SVCS PROVIDED DURING '20 UNEARNED REV REV 2460 X 4096 = 984 BOND TERMS - INTEREST 6.5% PAID ANNUALLY ON 9/1. FIRM AGREEMENT W/BANK SIGNED ON 12/15 TO REFINANCE BOND TO 5 YEAR NOTE IN 2021 1950-CRED INTEREST PAYABLE 30K X 6.596 = 1950/ YEAR 1950 - DEBIT INTEREST EXP NOTE PAYABLE - PAYMENT OF 3300 MADE 3/30,6/30, 9/30, 12/31. INTEREST OF 8% PER YEAR PLUS PRINCIPLE 13200 - DEB NOTE PAYABLE 13200 - CREDIT CASH 3300 x 4 = 9120 - 13200 1ST 8592- PAYMENTS PAYMENT 3RD 114000 X 8% 8856 - = 9120 2ND 8064 - INTEREST PAYMENT LAST 8064-CRED INTEREST EXP 8064-DEBIT INTEREST PAYABLE FAIR VALUE OF REMAINING AFS DEBT SECURITES 1,405 12/30/20 PAID DIVIDENDS -.50/SHARE OTHER INFO TAX RATE IS 2196 HALF YEAR CONVENTION FOR DEPREC The following is information for ABC-a publicly traded company Condensed Balance Sheet at end of 2019 (amounts in thousands) Income Statement for 2019 Statement of comprehensive Income Current Assets 2019 Cash $ 4,650 Sales $ 265,320 Net Income $ 48,967 Accounts Receivable $ 18,260 Cost of Goods Sold $ 148,290 Other Comprehensive Income Inventory $ 21,275 Gross Profit $ 117,030 Unrealized Gain on Prepaid insurance $ 5,700 AFS Debt Securities 5 158 Total Current Assets $ 49,885 Wages Expense $ 23,450 Income Tax Effect $ (33) Property, plant and Equipment $ 311,000 Depreciation Expense $ 15,220 Total Other Comprehensive li $ 125 Accumulated Depreciation $ (103,500) Amortization Expense $ 1,500 Patent $ 36,000 Insurance Expense $ 767 Comprehensive Income $ 49,125 AFS Debt Securities $ 2,100 Interest Expense $ 10,150 Total Assets $ 295,485 other Expense $ 3,960 Current Liabilities Total Expenses $ 55,047 Accounts Payable $ 25,862 Income before Taxes $ 61,983 Wages Payable $ 1,085 Income Tax Expense $ 13,016 Unearned Revenue $ 1,600 Net Income $ 48,967 Total Current Liabilities $ 28,547 Note Payable $ 114,000 Earnings Per Share $ 4.90 Bond Payable in 2021 $ 30,000 Equity common Stock ($1 par, 10,000 shares $ 10,000 Statement of Changes in Stockholders Equity-2019 $ 20,800 CS APIC RE AOCI Retained Earnings $ 92,435 Beginning $ 10,000 $ 20,800 $ 47,468 $ (422) Accumulated other comprehensive Le $ (297) Total OCI $ 125 Liabilities and Equity $ 295,485 Net Income $ 48,967 Dividends $ (4,000) Ending Balance s 10,000 $ 20,800 $92,435 $ (297) Results for 2020 Sales $ 279,300 All sales on credit Inventory Purchases on credit = 191,400 and ending inventory $56200 Depreciation expense $ 16,000 not including assets sold, bought or found Patent purchased in 2018 and determined to have remaining useful life of 12 years in 2020 Wages Expense $ 29,250 Paid in cash $ 2,194 owed at end of 2020 Insurance policy indicates that $5,700 was paid in May 2019 for 24 month coverage starting May 1 2019. During 2020 found an asset purchased and recorded in 2016 that had not been depreciated -cost 4,230 no salvage 10 year useful life Sold AFS Debt Securities that cost 400 for 390 in cash ($7 loss in AOCI recorded previously) Sold equipment that cost 3,000 with accumulated depreciation of 2,590 (360 in 2020) for $200 in cash. Purchased new equipment costing $6,975 with $2,000 down payment and 10% note payable on December 1, 2020 (first payment due January 1, 2021) 10 year useful life and no salvage Collections on A/R = 275,320 Payments on A/P = 176,500 - all accounts payable deal with inventory APIC All service agreements sold to customers in 2019 completed in 2020. New service agreements sold for $2460 in cash during 2020 - 40 percent of the services provided during 2020 Bond terms - interest only for 6.5% paid annually on September 1. firm agreement with a bank signed on December 15 to refinance bond to a 5 year note in 2021 Note Payable - payment of $3,300 made March 30, June 30, Sept 30 and December 31 interest of 8% per year plus principle Fair value of remaining Af Debt Securities $1,405 Dec 30, 2020 paid dividends equal to 5.50 per share. Other Information Tax rate is 21% (unlike 2019 income taxes have not been paid) Half year convention for depreciation Required: 1. Show journal entries or accounts for results of 2020 operations. 2. Create an income statement including taxes and required EPS disclosures for 2020. 3. Create a statement of comprehensive income for 2020 4. Create a statement of changes in stockholders equity for 2020 5. Create a balance sheet for the end of 2020. 6. Create a cash flow statement for 2020 using the indirect method. 7. Show any necessary disclosures for 2019 that would be needed if both 2019 and 2020 were to be reported Adjust/Corrections 984 3000 1900 ABC Company Trial Balance as of Dec 31, 2020 Revenue Cost of revenue Patent Wages Expense Wages Payable Pre-paid insurance Insurance expense Interest expense Unearned revenue AFS Debt Securities 2 Cash Accounts receivable Inventories 5 Provision for income taxes Property, Plant & Equipment - Depreciation Expense 3 Accumulated depreciation Accounts payable Bond Payable in 2021 Notes payable 2 Interest payable Common Stock $1 par, 10,000 shares Retained earnings 5 Dividends 5 Accumulated other comprehensive income 279,300 156,475 36,000 29,250 2,194 5,700 1,900 41 1,600 1,405 4,650 18,260 21,275 Trial Balance 279,300 156,475 36,000 29,250 2194 5,700 1,900 41 1600 1,405 4,650 18,260 21,275 Trial Balance After 280,284 156,475 33,000 29,250 2194 3,800 1900 10,055 3,076 1005 75,270 22,240 56,200 10,014 984 2,460 400 278370 207750 279300 275320 191400 156475? 3000 311,000 16,000 6975 4509.56 360 176500 1509.56 191400 311,000 16,000 103,500 25,862 30,000 114,000 41 10,000 92,435 5,000 (297) 103,500 25,862 30,000 114,000 41 10,000 92,435 13200 4975 10014 314,975 20,539 $20,539 104,621 40,762 30,000 105,775 10,055 10,000 92,435 5000 96 729,709 699,837 5,000 (297) 658,635 393 702,706 606,956 962,013 COGS = 21275 + 191400 - 56200 = 156475? Results for 2020 Sales 279,300 INV PURCHASES ON CREDIT = 191,400 ENDING INV 56200 191400-AP DEPRECIATION EXP 16000 16000 STARTING DEP 191400 - INV EXP PATENT PURCHASED '18 USEFUL LIFE 12 YEARS IN 2020 3000-CREDIT PATENT 3000-Debit DEPREC EXPENSE WAGES EXP 29250-PAID IN CASH. 2194 OWED AT END OF 2020 29250-WAGES EXP 29250-CASH INSURANCE 5700 - PD IN 2019 FOR 24 MON COVERAGE STARTING 5/1/19 1900- 1900-CR PPD INSURANCE EXP INS 36000/12 = 3000 2194 WAGES PAYABLE 237.50/M ONTH X 8 MONTHS 423/YEAR X 3+ 211.50 (HALF YR CONV) DURING 2020, FOUND ASSET PURCHASED AND RECORDED IN '16 THAT WAS NOT DEPRECIATED-COST 4230 NO SALVAGE, 10 YEAR USEFUL LIFE 1480.50 - DEB DEP EXPENSE 1480.50 - CRED ACC DEPR EXPENSE SOLD AFS DEBT SEC THAT COST 400 FOR 290 CASH ($7 LOSS IN AOCI PREV RECORDED) (7) -CRED AOCI SOLD EQUIP THAT COST 3000 W/ ACC DEPREC 2,690 (360 200-DEBIT IN 2020) FOR 200 CASH CASH PURCHASED NEW EQUIP COSTING 6975 WITH 2000 DOWN PAYMENT AND 10% NOTE PAYABLE ON 12/1/20 (FIRST PAYMENT DUE 1/1/21) 41.46 - DEBIT INTEREST EXPENSE 400-DEBIT 400 - DEBT SEC CREDIT 390-DEB CASH AFS AOCI 360- 3000 - CREDIT DEBIT ACC EQUIP DEPREC 6975/10 YEARS-69 7.50/YEAR 41.46- /2 HALF CREDIT YR INTEREST CONVEN- PAYABLE 348.75 348.75/ 12 MONTHS = 29.06- CRED 29.06 FOR ACC DEPR DEC EXPENSE DEPREC 6975 - DEBIT PLANT, EQUIP DEBIT CASH CREDIT CASH 4975 X 10% / 12 MONTHS =41.46 INTEREST DEC '20 29.06-DEB 10 YEAR USEFUL LIFE NO SALVAGE DEPR EXPENSE 4975 - CREDIT NOTE PAYABLE A/R 275320 CREDITAR A/P PAYMENTS 176500 DEBIT AP ALL SVC AGREEMENTS TO CUSTOMERS IN '19 COMPLETED 984-CREDIT IN'20. REV 2460 - DEBIT CASH 984 - DEBIT NEW SVC AGREEMENTS SOLD FOR 2460 CASH DURING '20 2460-CREDIT UNEARNED -40% OF SVCS PROVIDED DURING '20 UNEARNED REV REV 2460 X 4096 = 984 BOND TERMS - INTEREST 6.5% PAID ANNUALLY ON 9/1. FIRM AGREEMENT W/BANK SIGNED ON 12/15 TO REFINANCE BOND TO 5 YEAR NOTE IN 2021 1950-CRED INTEREST PAYABLE 30K X 6.596 = 1950/ YEAR 1950 - DEBIT INTEREST EXP NOTE PAYABLE - PAYMENT OF 3300 MADE 3/30,6/30, 9/30, 12/31. INTEREST OF 8% PER YEAR PLUS PRINCIPLE 13200 - DEB NOTE PAYABLE 13200 - CREDIT CASH 3300 x 4 = 9120 - 13200 1ST 8592- PAYMENTS PAYMENT 3RD 114000 X 8% 8856 - = 9120 2ND 8064 - INTEREST PAYMENT LAST 8064-CRED INTEREST EXP 8064-DEBIT INTEREST PAYABLE FAIR VALUE OF REMAINING AFS DEBT SECURITES 1,405 12/30/20 PAID DIVIDENDS -.50/SHARE OTHER INFO TAX RATE IS 2196 HALF YEAR CONVENTION FOR DEPREC