(CSick the icon to view the Novemberand Decembertransactions and the December3tadjutiment dote) (Click the loon to viow the unadjusted trial balance) Clisk the icon so view the adfusting ieumal ecties) (Click the icon to viow the adjusted trial batance) Read the cequirements Requirement 1. Prepare an inoome stmement for the two months ended December 31, 2024. Use the adfusted trial balance provided in the grchiem statamamt. Nov. 1 Received $23,000 cash to begin the company and issued common stock to Alison and Zander. Nov. 2 Signed a lease for a building and paid $1,700 for the first month's rent. Nov. 3 Purchased canoes for $3,360 on account. Nov. 4 Purchased office supplies on account, $300. Nov. 7 Earned $1,200 cash for rental of canoes. Nov. 13 Paid $1,300 cash for wages. Nov. 15 Paid $150 dividends to stockholders. Nov. 16 Received a bill for $180 for utilities. (Use separate payable account.) Nov. 20 Received a bill for $160 for cell phone expenses. (Use separate payable account.) Nov. 22 Rented canoes to Tender Time on account, \$2,900. Nov. 26 Paid $2,500 on account related to the November 3, 2024, purchase. Nov. 28 Received $800 from Tender Time for canoe rental on November 22, 2024. Nov. 30 Paid $400 dividends to stockholders. Dec. 1 Alison and Zander contributed land on the river (worth $60,000 ) and a small building to use as a rental office (worth $128,000 ) in exchange for common stock. Dec. 1 Prepaid $5,100 for three months' rent on the warehouse where the company stores the canoes. Dec. 2 Purchased canoes signing a notes payable for $5,280. Dec. 4 Purchased office supplies on account for $700. Dec. 9 Received $4,600 cash for canoe rentals to customers. Dec. 15 Rented canoes to customers for $3,700, but will be paid next month. Dec. 16 Received a $550 deposit from a canoe rental group that will use the canoes next month. Dec. 18 Paid the utilities and telephone bills from last month. Dec. 19 Paid various accounts payable, $1,000. Dec. 20 Received bills for the telephone ($330) and utilities ($290) which will be paid later. Dec. 31 Paid wages of $1,600. Dec. 31 Paid cash dividend to stockholders, $500. Data used for the adjusting entries at December31 follows: a. Office supplies on hand, $400 b. Rent of one month has been used. (Hint: See Dec.1 transaction) c. Determine the depreciation on the building using straight-line depreciation. Assume the useful life of the building is 10years and the residual value is $20,000 (Hint: The building was purchased on December1.) d. $250 of unearned revenue has now been earned. e. The employee who has been working the rental booth has earned $1,100 in wages that will be paid January15, 2025. f. Calla Canoehas earned $1,300 of canoe rental revenue that has noen recorded or received. g. Determine the depreciation on the canoes purchased on November3 using straight-line depreciation. Assume the useful life of the canoes is 4 years and the residual value is $0. h. Determine the depreciation on the canoes purchased on December2 using straight-line depreciation. Assume the useful life of the canoes is 4 years and the residual value is $0. i. Interest expense accrued on the notes payable, $60. \begin{tabular}{|c|c|c|c|c|} \hline \multirow[b]{3}{*}{ Account Title } & \multicolumn{2}{|c|}{\begin{tabular}{c} Calla Canoe Company \\ Adjusted Trial Balance \\ December 31, 2024 \end{tabular}} & & \\ \hline & & & \multicolumn{2}{|c|}{ Balance } \\ \hline & & \multicolumn{2}{|r|}{ Debit } & \multirow[t]{2}{*}{ Credit } \\ \hline Cash & & $ & 15,560 & \\ \hline Accounts Receivable & & & 7,100 & \\ \hline Office Supplies & & & 400 & \\ \hline Prepaid Rent & & & 3,400 & \\ \hline Land & & & 60,000 & \\ \hline Building & & & 128,000 & \\ \hline Accumulated Deprecia & -Building & & $ & 900 \\ \hline Canoes & & & 8,640 & \\ \hline Accumulated Deprecia & -Canoes & & & 250 \\ \hline Accounts Payable & & & & 860 \\ \hline Wages Payable & & & & 1,100 \\ \hline Utilities Payable & & & & 290 \\ \hline Telephone Payable & & & & 330 \\ \hline Unearned Revenue & & & & 300 \\ \hline Interest Payable & & & & 60 \\ \hline Notes Payable & & & & 5,280 \\ \hline Common Stock & & & & 211.000 \\ \hline \end{tabular} Accumulated vepreciation-suliming Canoes 8,640 Accumulated Depreciation-Canoes Accounts Payable Wages Payable Utilities Payable Telephone Payable Unearned Revenue Interest Payable Notes Payable Common Stock Dividends Canoe Rental Revenue 13,950 Rent Expense 1,050 Wages Expense Utilities Expensef Telephone Expense Supplies Expense Depreciation Expense-Building Depreciation Expense-Canoes 3,400 Interest Expense 4,000 250 860 1,100 290 330 300 60 5,280 211,000 Dividends \begin{tabular}{rrr} 1,050 & 13,950 \\ 3,400 & \\ 4,000 & \\ 470 & \\ 490 & \\ 600 & \\ 900 & \\ 250 & \\ 60 & \\ \hline \$234,320 \\ \hline \hline \end{tabular} Total Reference Reference