Chris's Beamer Biz, Inc. Statement of Owners' Equity For the Year Ended December 31, 20x1 As you were reviewing the financial statements with Chris, you discovered that during 20X1. Chris decided that there was exeess cash in the business and that it could be placed in higher yield opportunities. Having read about Stablecoin and its related yield, Chris decided that Beamer Biz would purchase USDT. They plan on selling any remaining USDT within 12 months of purchase. None of the USDT transactions below were recorded, but now need to be included in the financial statements. REQUIRED: 1. Record the following journal entries and post them to their respective t-accounts: During the year, Chris participated in the following activities in addition to those reflected in the financial statements provided above: a) Beamer Biz, Inc, purchased \$50,000 USDT at SIUSDT on July 1,201. b) Beamer Biz, Inc. purchased an additional S25,000 USDT at SI/USDT on September 30. 201. c) Beamer Biz, Ine, decided to sell \$18,750 USDT at S1USDT on December 31", 20X1 d) Interest is paid monthly at an annual rate of 12% (paid last day of each month). The interest is paid in USDT and is kept in USDT. Interest needs to be recorded on a monthly basis." c) Calculate necessary tax expense that will be paid on these holdings as of December 31th, 201. This tax will be paid in 202. Prepare: Journal entries and T-accounts Prepare: Updated Financial Statements for 20X1: a) Income statement b) Statement of retaincd carnings ) Balance sheet Chris's Beamer Biz, Inc. Statement of Owners' Equity For the Year Ended December 31, 20x1 As you were reviewing the financial statements with Chris, you discovered that during 20X1. Chris decided that there was exeess cash in the business and that it could be placed in higher yield opportunities. Having read about Stablecoin and its related yield, Chris decided that Beamer Biz would purchase USDT. They plan on selling any remaining USDT within 12 months of purchase. None of the USDT transactions below were recorded, but now need to be included in the financial statements. REQUIRED: 1. Record the following journal entries and post them to their respective t-accounts: During the year, Chris participated in the following activities in addition to those reflected in the financial statements provided above: a) Beamer Biz, Inc, purchased \$50,000 USDT at SIUSDT on July 1,201. b) Beamer Biz, Inc. purchased an additional S25,000 USDT at SI/USDT on September 30. 201. c) Beamer Biz, Ine, decided to sell \$18,750 USDT at S1USDT on December 31", 20X1 d) Interest is paid monthly at an annual rate of 12% (paid last day of each month). The interest is paid in USDT and is kept in USDT. Interest needs to be recorded on a monthly basis." c) Calculate necessary tax expense that will be paid on these holdings as of December 31th, 201. This tax will be paid in 202. Prepare: Journal entries and T-accounts Prepare: Updated Financial Statements for 20X1: a) Income statement b) Statement of retaincd carnings ) Balance sheet
