Description: Lehigh Jeans Income statement (select data) For the year ended Dec 31 2023 Sales revenue 18,000 Interest revenue 350 Operating expenses: Depreciation 1,600 R&D 200 Wages 1,500 Gain (loss) on sale of equipment 170 Gain(loss) on sale of land -120 Gain on sale of investments 300 Lehigh Jeans Comparative Balance Sheets As of Dec 31 2022 2023 2022 2023 Current assets: Liabilities Cash 6,885 11,555 Accounts payable (inventory) 1,225 Accounts receivable (A/R) 2,550 4,500 Unearned revenue 3,500 3300 Inventory 3,500 3,150 Wages payable 2,500 3,100 Prepaid insurance (PE) 600 800 Notes payable 3,450 3,400 Interest receivable 200 315 Loan payable 3,500 Dividend receivable 0 600 Total current assets 13,735 20,920 Total liabilities 14,175 17,375 Non-current assets: PPE: Stockholders' equity Equipment 12,600 CS 3,500 less A/D Equipment 4,200 APIC 4,960 Land 4,500 RE 5,500 Investment 1,500 Total assets 28,135 35,670 Total liabilities and SE 28,135 35,670

More description: The following events/transactions occurred during 2023 1. On January 2 the firm purchased equipment in exchange for a $2,400 note payable. 2. On January 17 the firm sold equipment which cost $1,100 for $600 cash. 3. On February 1 the firm purchased an equipment for $250 cash. 4. On February 24 the firm sold land for $1,500 cash. 5. On March 15, land worth 1,850 was acquired in exchange for a long-term loan. 6. On March 17, sold investments for $800. 7. On March 31 $8,950 of inventory was purchased, $7,000 of which was on account. 8. On April 4 the firm paid $6,000 for the A/P balance. 9. On May 2 dividends of 1,500 were declared and paid. 10. On May 31 the firm issued 1,000 shares and received $2,000. The par value of the shares is $1 each. 11. On June 30 the firm prepaid $1,600 for insurance. 12. On July 3 Lehigh received a $600 payment for dividends earned on investments earlier in the year. 13. Lehigh repaid part of the Notes Payable on Sept 4. 14. There were no payables or receivables related to R&D and taxes. Firm paid R&D expense on July 31 and tax expense on December 31. 15. Of the sales revenue, the firm made the following cash sales: $2,500 and $3,000. 16. Out of the revenue prepaid by customers and recorded in unearned revenue, $2,500 was earned during the period. ADDITIONAL INFORMATION: 1. Lehigh Jeans uses IFRS and prepares its financial statements using the most common IFRS practices. 2. Tax rate is 35%.

Please answer letter c. letter d. and letter e.

REQUIRED: c. Complete the T-accounts below (not all accounts are listed). Start by adding all information from the balance sheet and income statement in the T-accounts. Then post the journal entries for events 1-14 above.

d. Prepare journal entries for all events/transactions listed above (All journal entries should have a date and caption. For example: To record cash sale of inventory). You do not need to record other related journal entries. For example, for event 4 above, you need to record the sale of land only and do not need to record original purchase of land.

e. Fill in the missing amounts in the Income Statement, Balance Sheet, and Statement of Cash Flows. Check: A=L+SE; Net cash flows from operating activities are the same using the direct and indirect method, Change in cash calculated in the B/S and Statement of cash flows is the same Thank you so much!