Conrad Playground Supply underwent a restructuring in $2024.$ The company conducted a thorough Internal audit, during which the

following facts were discovered. The audit occurred during $2024$ before any adjusting entrles or closing entries are prepared.

a$.$ Additional computers were acquired at the beginning of $2022$ and added to the company's office network. The $$42,500$ cost of

the computers was inadvertently recorded as maintenance expense. Computers have five$-$year useful lives and no materlal

salvage value. This class of equipment is depreclated by the straight$-$Ilne method.

b$.$ Two weeks prior to the audit, the company pald $$14,500$ for assembly tools and recorded the expenditure as office supples. The

error was discovered a week later.

c$.$ On December $31,2023,$ merchandise inventory was understated by $$73,000$ due to a mistake in the physical inventory count.

The company uses the perlodic Inventory system.

d$.$ Two years earller, the company recorded a $4\%$ stock dividend $(1,500$ common shares, $$1$ par$)$ as follows:

The shares had a market price at the time of $$12$ per share.

e$.$ At the end of $2023,$ the company falled to accrue $$94,000$ of interest expense that accrued during the last four months of $2023$

on bonds payable. The bonds, which were issued at face value, mature in $2028.$ The following entry was recorded on March $1,$

$2024,$ when the semlannual interest was pald, as well as on September $1$ of each year:

f$.$ A three$-$year liability Insurance policy was purchased at the beginning of $2023$ for $$70,500.$ The full premium was deblted to

insurance expense at the time.

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