Debit Credit 180,000 3,350,000 394,000 150,000 500,000 920,000 80,000 300,000 5,000 300,000 50,000 Accounts payable Accounts receivable Administration expenses Allowance for doubtful accounts Bonds payable 5% - due in 10 years, issued 6-30-20 Buildings & land - net (land cost $50,000) Cash Common stock, $1. par Deferred revenue - due 2-1-2021 Inventories 1-1-20 Investments Land Machinery- purchased 2015 estimated life 10-yrs Notes payable 12% Notes receivable 10%, Patent-net PIC common stock Prepaid expenses Purchases Retained earnings Salaries payable Sales 500,000 100,000 60,000 50,000 970,000 35,000 6,100,000 1,344,000 40,000 8,850,000 Sales expenses Treasury stock Interest expense 500,000 100,000 12,439,000 12,439,000 350,000 Note: 1.12/31/20 Merchandise inventory 2. The note payable was issued 1/1/20; interest rate 12% 3. The note receivable was received 6/30/20; interest rate 10% Instructions: 1. Make any necesssary year-end adjustments 2. Prepare a Worksheet as of December 31, 2020 3. Prepare a classified balance sheet as of 12-31-2020 4. Prepare an income statement for calendar year 2020 5. The buildings, constructed in year 2015, are estimated to have a 20 year life and depreciation expense has not been recorded. 6. The machinery was purchased in 2015 and is expected to have a 10 year life. Depreciation expense has not been recorded. 7. Your submission must be in excel formatted for one page with gridlines. Obviously, the worksheet, balance sheet, and income statement will be on separate pages