Complete the accounting cycle for the fiscal year ending December 31, 2021.

GADI Inc. has 22,000,000 shares of $4 par value common stock authorized, with 3,645,750 shares outstanding in 2021.

Part 1

Part 2

Part 2 - All of the transactions for GADI Inc. have been posted EXCEPT for the entries you just made. Post your journal entries into these t-accounts, then calculate the ending balances. Remember, each account should have only one final debit or credit balance! For ease of grading, please highlight your ending balance in some way (bold, color, under a balance line, etc.). The numbers highlighted in blue are the beginning balances!

Part 4

No depreciation has been recorded on the company's Land or new PPE. GADI Inc.'s accounting staff believes that the Land has a useful life of 30 years with a $6,999,840 salvage value. They also believe that the new PPE has a remaining useful life of 21 years with a $1,636,213 salvage value. When calculating depreciation, keep in mind that GADI Inc. does not use partial year depreciation. They record a full year of depreciation, regardless of when an asset was purchased. HINT: New PPE is the amount added this year, and is shown as the debit below the beginning balance of the Warehouses account.

GADI Inc. recorded and paid interest on all of their outstanding notes 5 months ago. Payments are due on the notes every 6 months, and the interest rate on both notes is 6.5% (they were issued by the same bank with the same terms, just 2 years apart).

Updated part 2

in making your entries, use ONLY existing accounts. You can see all of the company's existing accounts in the ledger in Part 2. Also, only the entries that appear in the box below will be graded. 12/21/21 Purchased new warehouse for $5,512,000. 12/23/21 Received $1,867,000 in rent. 12/24/21 Paid $4,107,000 after losing lawsuit to client, an unusual occurence. 12/28/21 Paid $530,000 in salaries. 12/30/21 Paid $47,000 for food and other supplies at a marketing event. Cash $4,586,186 $5,221,881 Land $55,998,720 $10,499,760 $3,499,920 Warehouses $163,621,260 $32,724,252 Accumulated Depreciation $37,122,485 $1,539,965 $13.999,680 $3,849,912 $486,100 $898,310 $2,799,936 $1,566,564 Accounts Receivable $2,799,936 $233,328 $699,984 $1,866,624 $326,659 $2,099,952 $2,799,936 $979.978 $933.312 $279.994 $139,997 $486,100 $279.994 $6,266,257 $486,100 $7,524,828 $486,100 $3,133,128 $486,100 $2,088,752 $486,100 $1,924.956 $486,100 $13,833.974 $7,468,766 Loan Payable $57,165,360 Accounts Payable $8,983,100 $898,310 $1,796,620 $4,491,550 $19,762,820 $13,833.974 $7,468,766 Taxes Payable $3,587.418 $7,524,828 $6,270,690 Notes Payable $19,816,699 $42,015,221 $18,796,904 $19.978,710 $486,100 $699,984 Interest Payable $0 $1,283,304 $486,100 $641,652 $3,655,316 $486,100 $5,744,069 Common stock $14,583,000 Additional Paid-In capital $43,749,000 $486,100 Retained Earnings $41,999,040 Dividends $0 $19,978,710 $4,177,504 $486,100 $962,478 $6,788,445 $1,604,130 $4,699,693 $4,699,693 $1,399,968 $2,099,952 Depreciation Expense $0 $13.999,680 $3,394,222 $8,355,009 Advertising Expense $o $962,478 $1,924.956 $1,283.304 $641,652 $1,604,130 Miscellaneous Selling Expense $0 $1,399,968 $2,099,952 $1,166,640 $1,166,640 $139,997 $3,476,587 $2,858,268 Net Revenue $0 $1,166,640 $2,333,280 $5,833,200 $12,833,040 $2,916,600 $583.320 $3,499.920 $17.441,268 $9,333,120 $291,660 $408,324 $1,691,628 $641,652 Property Tax Expense $0 Interest Expense $0 $2,858,268 $641,652 Income Tax Expense $0 $6,270,690 Gain on Sale of Warehouses $o $1,166,640 Salaries Expense $0 $486,100 $486,100 $486,100 $486,100 $486,100 $486,100 $486,100 $486,100 $486,100 $486,100 $486,100 $486,100 Other Losses $0 Part 3 - Create a Trial Balance for GADI Inc. using the balances from the Ledger (or t-accounts) that you just finished. Keep in mind that the accounts in the trial balance should appear in order: assets, liabilities, equity, revenues, expenses, then gains and osses. Only accounts WITH a balance should be included, with only the inal debit or credit balance. Also, make sure you include the totals of each column! If they don't balance, you'll know you need to go back and check your work. GADI Inc. Trial Balance For Year Ended December 31, 2021 Part 4 - Make the necessary adjusting entries to record the following information available at the end of the fiscal period. Please remember that the description accompanying adjusting entries should include sufficient detail that your calculation can be checked by the auditor and duplicated next month. This means that your description should include the actual equation you used to come up with the value used in your journal entry. In making your entries, use ONLY existing accounts. You can see all of the company's existing accounts in the ledger in Part 2. As with the original entries, only the entries that appear in the box below will be graded. Adjusing Entries