Check my wo 3 makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, Antioch Company $660,000: Raw Materials Inventory, $51,000: Work in Process Inventory. $18,000; Finished Goods Inventory $43,000: Common Stock, $583,000; and Retained Earnings, $189,000. Antioch experienced the following accounting events during 2018. Other than the adjustin cash transactions g entries for depreciation, assume that all transactions are Part 2 of 2 1. Paid $23,000 of research and development costs 2. Paid $47000 for raw materials that will be used to make eBook readers. 3. Placed $83,000 of the raw materials cost into the process of manufacturing eBook readers 4. Paid $60,000 for salaries of selling and administrative employees 5. Paid $91,000 for wages of production workers 6. Paid $90000 to purchase equipment used in selling and administrative offices poins on on the office equipment. The equipment was acquired on January 1, 2018. It has a -salvage)+ useful S10.000 salvage value and a fiveyear life The amount of depreclation is computed as (Cost life), Specifically, ($90.000- $10,0005 $16.000 8. Paid $165,000 to purchase manufacturing equipment 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, 2018. It (Cost - salvage) has a $25,000 salvage value and a seven-year life. The amount of depreciation is computed as useful life), Specifically ($165,000-$25,000) 7 $20000. 10. Paid $45,000 for rent and utility costs on the manufacturing facility 11. P-id $70000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries ul warehouse personnel, and other general storage coso and transferred eBook readers thet had total cost of $240,000 from work in process inventory to finished goods 13. Sold 1,000 eBook readers for $420.000 14. It cost Antioch $220.000 to make the eBook readers sold in Event 13. 8 2 5 6 Check my wo 3 makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, Antioch Company $660,000: Raw Materials Inventory, $51,000: Work in Process Inventory. $18,000; Finished Goods Inventory $43,000: Common Stock, $583,000; and Retained Earnings, $189,000. Antioch experienced the following accounting events during 2018. Other than the adjustin cash transactions g entries for depreciation, assume that all transactions are Part 2 of 2 1. Paid $23,000 of research and development costs 2. Paid $47000 for raw materials that will be used to make eBook readers. 3. Placed $83,000 of the raw materials cost into the process of manufacturing eBook readers 4. Paid $60,000 for salaries of selling and administrative employees 5. Paid $91,000 for wages of production workers 6. Paid $90000 to purchase equipment used in selling and administrative offices poins on on the office equipment. The equipment was acquired on January 1, 2018. It has a -salvage)+ useful S10.000 salvage value and a fiveyear life The amount of depreclation is computed as (Cost life), Specifically, ($90.000- $10,0005 $16.000 8. Paid $165,000 to purchase manufacturing equipment 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, 2018. It (Cost - salvage) has a $25,000 salvage value and a seven-year life. The amount of depreciation is computed as useful life), Specifically ($165,000-$25,000) 7 $20000. 10. Paid $45,000 for rent and utility costs on the manufacturing facility 11. P-id $70000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries ul warehouse personnel, and other general storage coso and transferred eBook readers thet had total cost of $240,000 from work in process inventory to finished goods 13. Sold 1,000 eBook readers for $420.000 14. It cost Antioch $220.000 to make the eBook readers sold in Event 13. 8 2 5 6
