CPS Raymond Company's trial balance at December 3!. 201?, is presented below. All 201? transactions have been recorded except for the items described below and on page 4?3. Cash Accounts Receivable Notes Receivable Interest Receivable Inventon' Prepaid Insurance Land Buildings Equipment Patents Amvanoe for Doubtiul Aooounts Ammulated DepreciationBuildings Accumulated DepreciationEquipment Debit Accounts Payable Income Taxes Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2013] Interest Payable Notes Payable (due after 2010} Share Capitallllirdioar},r Retained Earnings Dividends 12.000 Sales Revenue Interest Revenue Rent Revenue Gain on Disposal of Plant Assets Bad Debt Expense 0 Cost of Goods Sold 530.000 Depreciation Expense 0 Inoonte Tax Expense -0- Insuranoe Expense -0- Interest Expense -0- Either Dpetating Expenses $1,800 Amortization Expense -0- Salaries and Wages Expense 110,000 Total 1,l??,200 Debit E 20.000 sesm 10.000 36,200 4.400 20.000 \"50.000 60.000 8.000 E 300 49,000 24,000 Comprehensive Problem: Chapters 3 to El EI.1?T,200 4: Total ELITTJDD 1.l??.21l} Unrecorded transactions: 1. On May 1. 2111?. Raymond purchased equipment for 13,001) plus sales taxes of 731] {all paid in cash]. 2. On July 1. 2011. Raymond sold for 3,501] equipment which originally cost 5,000. Accumulated depreciation on this equipment at January 1. 21117. was 1,301}; 2111? depreciation prior to the sale of the equipment was 451). 3. On December 31. 2011', Raymond sold on account 9,400 of inventory that cost 6,600. Raymond estimates that uncolloctible accounts receivable at year-end is 43100. The note receivable is a one-year. 8% note dated April l. 201?. No interest has been recorded. 6. The balance in prepaid insurance represents payment of a 4.4D0 6-month premium on October 1, 201?. 7. The building is being depreciated using the straight-line method over 41] years. The reaiclual value is 20300. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The residual value is 10% of cost. 9. The equipment purchased on May I. 21117, is being depreciated using the straight-line method over 5 years. with a residual 1value of El .000. 10. The patent was acquired on January 1. 2111?. and has a useful life of lyears from that date. 1 1. Unpaid salaries and wages at December 31. 201?. total 9.200. 12. The unearned rent revenue of 6.1IIOD was received on December 1, 201 '1'. for 4 months TEM- 13. Both the short-term and long-term notes payable are dated January 1.2011 and carry a 9% interest rate. Ml interest is payable in the next 12 months. 14. Income tax expense was 17,001). It was unpaid at December 31. 5-":9' Instructions {a} Prepare journal entries for the transactions listed above. {bl Prepare a December 3] . 21117. adjusted [entries 41 4 are adjustments} trial balance. {b} Totals 1,223,294 {cl Prepare a 2011' income statement and a 2017 retained earnings statement. {:1 Net income [153.256 {d} Prepare a December 31. 21117. classied statement of nancial position. {:1} Total assets [21'1396 Total 1,1?T.200 1.1T3".200 Unrecorded transactions: E. 2. 5"!\" 10. 11. 12. 13. 14. On lining.r l. 201?. Raymond purchased equipment for 1 3.000 plus sales taxes of 'i'00 {all paid in cash). On July 1. 2017. Raymond sold for 3,500 equipment which originally cost 1000. Accumulated depreciation on this equipment at January l. 201?. was ELSE}: 20]? depreciation prior to the sale of the equipment was 450. On December 31, 2011'. Raymond sold on account 9,400 of inventory that cost 03500. Raymond estimates that uncollectible accounts receivable at yearend is 4,000. The note receivable is a oneyear, 3% note dated April 1, 2017. No interest has been recorded. The balance in prepaid insurance represents payment of :1 4,400 omonth premium on October 1, 201?. The building is being depreciated using the su'aight-line method over 40 years. The residual value is 20,000. The equipment owned prior to this year is being depreciated using the straightline method over 5 years. The residuai value is i005 of cost. . The equipment purchased on Fillet}.r 1.. 201?, is being depreciated using the straight-line method over 5 years. with a residual value of1.000. The patent was acquired on January i, 201?, and has a useful life of 10 years from that date. Unpaid salaries and wages at December 31, 201?. total 2200. The unearned rem revenue of 6.000 was received on December 1. 201?, for 4 months rent. Both the short-temp and long-term notes payable are dated January 1 . 201?. and can a 9% interest rate. All interest is payable in the next 12 months. Income tax expense was 11000. It was unpaid at December 31