Comprehensive Problem 10-01 a-b, c1-c3 (Part Level Submission) Skysong, Inc.s balance sheet at December 31, 2019, is presented below.

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Comprehensive Problem 10-01 a-b, c1-c3 (Part Level Submission) Skysong, Inc.'s balance sheet at December 31, 2019, is presented below. Cash Inventory Prepaid insurance Equipment Skysong, Inc. Balance Sheet December 31, 2019 $35,000 Accounts payable 31,000 Interest payable 6,960 Bonds payable 39,180 Common stock Retained earnings $112,140 $13,800 2,350 47,000 30,890 18,100 $112,140 During 2020, the following transactions occurred. 1. 2. 3. 4. 5. 6. Skysong paid $2,350 interest on the bonds on January 1, 2020. Skysong purchased $242,600 of inventory on account. Skysong sold for $489,000 cash inventory which cost $261,500. Skysong also collected $34,230 sales taxes. Skysong paid $234,000 on accounts payable. Skysong paid $2,350 interest on the bonds on July 1, 2020. The prepaid insurance ($6,960) expired on July 31. On August 1, Skysong paid $12,000 for insurance coverage from August 1, 2020, through July 31, 2021. Skysong paid $25,400 sales taxes to the state. Paid other operating expenses, $91,700. Retired the bonds on December 31, 2020, by paying $44,000 plus $2,350 interest. Issued $90,000 of 8% bonds on December 31, 2020, at 104. The bonds pay interest every December 31. 7. 8. 9. 10. 11. Adjustment data: 1. Recorded the insurance expired from item 7. 2. The equipment was acquired on December 31, 2019, and will be depreciated on a straight-line basis over 5 years with a $3,180 salvage value. 3. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) (a) Prepare journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered. No. Account Titles and Explanation Debit Credit not indent manually.) 1. 2. 3. (To record sales revenue.) (To record cost of goods sold.) (To record cost of goods sold.) 4. 5. 6. 7. 8. 9. 10. (To record payment of bond interest) (To record redemption of bonds) 11. Prepare journal entries for the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3