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Cullumber Corporation's balance sheet at December 31, 2021, is presented below. During 2022, the following transactions occurred. Cullumber uses a perpetual inventory system. 1. Cullumber paid $2,400 interest on the bonds on January 1,2022 . 2. Cullumber purchased $242,900 of inventory on account. 3. Cullumber sold for $450,300 cash inventory which cost $249,500. Cullumber also collected $27,018 sales taxes. 4. Cullumber paid $231,800 on accounts payable. 5. The prepaid insurance ($5,900) expired on July 31 . 6. On August 1, Cullumber paid $12,000 for insurance coverage from August 1, 2022, through July 31,2023. 7. Cullumber paid $25,900 sales taxes to the state. 8. Paid other operating expenses, $86,800. 9. Redeemed the bonds on December 31,2022 , by paying $46,080 plus $2,400 interest. 10. Issued $86,200 of 8% bonds on December 31,2022 , at 103 . The bonds pay interest every June 30 and December 31 . Adjustment data: 1. Recorded the insurance expired from item 6. 2. The equipment was acquired on December 31,2021 , and will be depreciated on a straight-line basis over 5 years with a $3,100 salvage value. (a) Your answer is correct. Prepare journal entries for the transactions listed above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Sales Taxes Payable (To record sales revenue.) Cost of Goods Sold Inventory (To record cost of goods sold.) 4. Accounts Payable Cash 5. Insurance Expense Prepaid Insurance 6. Prepaid Insurance Cash 7. Sales Taxes Payable Cash 8. Other Operating Expenses Cash 9. Interest Expense Cash (To record payment of bond interest) Bonds Payable 5,900 Prepare the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Prepare an adjusted trial balance at December 31, 2022. CULLUMBER CORPORATION Trial Balance 12/31/22 Debit Accumulated Depreclation-Equlpment Accounts Payable Depredation Expense Sales Taxes Payable Bonds Payable Premlum on Bonds Payable Common Stock Retalned Eamings Sales Revenue Gain on Bond Redemption Cost of Goods Sold Insurance Expense Other Operating Expenses Interest Expense Credit $ 7860 24000 7860 4503001920 Prepare an income statement for the year ending December 31, 2022. CULLUMBER CORPORATION Income Statement For the Year Ending 12/31/22 $ $