(clearer picture)

Below is the trial balance of McDuck Corporation on December 31, 2020. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title: Balance: Account Title: Balance: Accounts Payable 4,160 Interest Expense 400 Accounts Receivable 3,250 Interest Payable 40 Accum. Amort. - Copyright 3,900 Interest Receivable 10 Accum. Amort. - Patent 3,300 Interest Revenue 40 Accum. Depl. - Gold Mine 4,000 Land 10,000 Accum. Depr. - Bldngs. 24,500 Long-Term Investment in Bonds 21,200 Accum. Depr. - Equip. 18,600 Long-Term Investment in Subsidiary 48,200 Adjustment to Market (debit balance) 1.850 Loss on Sale of Marketable Securities 180 Allowance for Bad Debts 420 Marketable Securities 10,620 APIC-Common 28,500 Merchandise Inventory 2,470 APIC-Preferred 4,200 Mortgage Note Payable (30-year) 20,000 APIC-Treasury 1,400 Notes Receivable (short-term) 400 Bonds Payable (15 year) 80,000 Patent 5,600 Buildings 65,000 Preferred Stock 10,000 Cash 7,180 Prepaid Insurance 1,220 Cash Dividends Declared 4,000 Rental Revenue 600 Common Stock 30,000 Retained Earnings 3,730 Common Stock Dividend Distributab 200 Salaries Payable 2,700 Copyright 8,100 Sales 58,600 Cost of Goods Sold 27.250 Sales Discounts 1,840 13,500 Discount on Bonds Payable 4,170 Sales Returns & Allowances Dividend Revenue 350 Selling Expenses 9,860 Dividends Payable 300 Short-Term Notes Payable 800 34.800 Equipment 450 SIT Payable 690 FICA Taxes Payable 800 Stock Dividends Declared 1,350 FIT Payable 3,820 Subsidiary Income FUTA Taxes Payable 90 Supplies 1.160 210 270 SUTA Taxes Payable Gain on Disposal of Plant Assets 7.520 General & Admin Expenses 3.600 Treasury Stock 14,200 Gold Mine 2,090 Unrealized Gain on Valuation of MS 240 Income Tax Expense 1.230 Unrealized Loss on Valuation of M! 340 Income Tax Payable 200 Unearned Rental Revenue the Marketable Securities consist of both equity and debt securities. The debit securities were purchased as available for sale securities 7 18 39 4 5 7 8 9 REQUIRED: Prepare the financial statements for the year for McDuck Corporation-a multi-step income statement, a statement of retained earnings and a classified balance sheet. What is different for this project compared to Project #14? New Accounts: Module 12: Bonds Payable is a long-term liability account Premium on Bonds Payable and Discount on Bonds Payable are an adjunct and contra account to the Bonds Payable account Mortgage Payable is a long-term liability account Module 13: Marketable Securities is a current asset. 0 Adjustment to Market accounts are either an adjunct (debit balance) OR a contra (credit balance) to 1 the Marketable Securities account. 2 Losses and Gains on Sales of Marketable Securities are realized gains and losses on the income 3 statement as a non-operating item Unrealized Losses and Gains or Marketable Securities (equity) are on the income statement as a non-operating item Unrealized Losses and Gain on Marketable Securities (debt) are on the income statement if the debt securities were purchased as tradings securities OR are on the balance sheet in stockholders' equity (after Treasury Stock) if the debit securities were purchased as available for sale securities 59 Long-Term Investments in Bonds are long-term investments Long-Term Investments in Subsidiary Company (under the equity method) are long-term investments 61 Subsidiary Income (our share of subsidiary net income under the equity method) is on the income statement as a non-operating item Dividend Revenue is on the income statement as a non-operating item Classified Balance Sheet: 65 We will now have FOUR separate asset categories: Current Assets, Property, Plant & Equipment, Intangible Assets, and Long-Term Investment Assets. 34 55 56 60 62 64 66 67 Below is the trial balance of McDuck Corporation on December 31, 2020. The accounts are listed in alphabetical order and all accounts have normal balances. Account The Balance: Account Tide: Balance: Accounts Payable 4,160 Interest Expense 400 Accounts Receivable 3,250 Interest Payable 40 Accum. Amort. - Copyright 3,900 Interest Receivable 10 Accum. Amort.- Patent 3,300 Interest Revenue 40 Accum. Depl. - Gold Mine 4,000 Land 10,000 Accum. Depr.- Bldngs. 24,500 Long-Term Investment in Bonds 21,200 Accum. Depr.- Equip 18,600 Long-Term Investment in Subsidiary 48,200 Adjustment to Market (debit balance) 1,850 Loss on Sale of Marketable Securities 180 Allowance for Bad Debts 420 Marketable Securities 10,620 APIC-Common 28,500 Merchandise Inventory 2,470 APIC-Preferred 4,200 Mortgage Note Payable (30-year) 20,000 APIC-Treasury 1,400 Notes Receivable (short-term) 400 Bonds Payable (15 year) 80,000 Patent 5,600 Buildings 65,000 Preferred Stock 10,000 Cash 7,180 Prepaid Insurance 1,220 Cash Dividends Declared 4,000 Rental Revenue 600 Common Stock 30,000 Retained Earnings 3,730 Common Stock Dividend Distributable 200 Salaries Payable 2,700 Copyright 8,100 Sales 58,600 Cost of Goods Sold 27,250 Sales Discounts 1,840 Discount on Bonds Payable 13,500 Sales Returns & Allowances 4,170 Dividend Revenue 350 Selling Expenses 9,860 Dividends Payable 300 Short-Term Notes Payable 800 Equipment 34,800 SIT Payable 450 FICA Taxes Payable 690 Stock Dividends Declared 800 FIT Payable 1,350 Subsidiary Income 3.820 FUTA Taxes Payable 90 Supplies 1,160 210 Gain on Disposal of Plant Assets 270 SUTA Taxes Payable General & Admin. Expenses 7.520 Treasury Stock 3,600 Gold Mine 14,200 Unrealized Gain on Valuation of MS (D 2,090 Income Tax Expense 1,230 Unrealized Loss on Valuation of MS Income Tax Payable 200 Unearned Rental Revenue "the Marketable Securities consist of both equity and debt securities. The debit securities were purchased as available for sale securities. 240 340 5 REQUIRED: Prepare the financial statements for the year for McDuck Corporationa multi-step income statement, a statement of retained earnings and a classified balance sheet. What is different for this project compared to Project #4? 1. New Accounts: Module 12: Bonds Payable is a long-term liability account Premium on Bonds Payable and Discount on Bonds Payable are an adjunct and contra account TO the Bonds Payable account Mortgage Payable is a long-term liability account Module 13: Marketable Securities is a current asset. Adjustment to Market accounts are either an adjunet (debit balance) OR a contra (credit balance) to the Marketable Securities account. Losses and Gains on Sales of Marketable Securities are realized gains and losses on the income statement as a non-operating item Unrealized Losses and Gains on Marketable Securities (equiry) are on the income statement as a non-operating item Unrealized Losses and Gain on Marketable Securities (debt) are on the income statement if the debt securities were purchased as tradings securities OR are on the balance sheet in stockholders' equity (after Treasury Stock) if the debit securities were purchased as available for sale securities Long-Term Investments in Bonds are long-term investments Long-Term Investments in Subsidiary Company (under the equity method) are long-term investments Subsidiary Income (our share of subsidiary net income under the equity method) is on the income statement as a non-operating item Dividend Revenue is on the income statement as a non-operating item 2. Classified Balance Sheet: We will now have FOUR separate asset categories: Current Assets, Property, Plant & Equipment, Intangible Assets, and Long-Term Investment Assets