Determining the Financial Statement Effects of Accounts Payable Transactions Hobson Company had the following transactions relating to its accounts payable. Use the financial statement effects template to identify the effects (both amounts and accounts) for these transactions. a. Purchases $1,764 of inventory on credit. b. Sells inventory for $2.310 on credit. c. Records $1,764 cost of sales for transaction b. d. Receives $2.310 cash toward accounts receivable. e. Pays $1,764 cash to settle accounts payable. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Transaction a Cash Asset Noncash Assets Balance Sheet Liabilities Contrib. Capital Earned Capital Revenues 0 1,764 = 1,764 03 0 N/A : Inventory Accounts payable N/A N/A b. 0 2310 0 A/A 2.310- N/A 2310 Income Statement Expenses Net Income 0 6.930 x N/A = Accounts receivable N/A N/A Retained earnings Sales D 0 2310 x 0 2.310x N/A 0 1,764 => 0x N/A = Inventory N/A = N/A " Retained earnings /A Cost of sales d. 2,310 2,310 x= 0 15- 0= 0 Cash = Accounts receivable N/A + N/A N/A AVA N/A e. 1,764 x 01= 1,764 x 0 03 11- 01 0 Cash N/A = Accounts payable N/A N/A N/A = N/A = Check Analyzing and Computing Financial Statement Effects of Interest Leahy Inc. signed a 90-day, 8% note payable for $30.360 on December 16. Use the financial statement effects template to illustrate the year-end December 31 accounting adjustment Leahy must make. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Note: Round your answers to the nearest whole dollar. Transaction Dec 31 adjustment Check N/A Cash Amat N/A Noncash Assets Balance Sheet Liabilities S (106) x Interest Payable N/A Contrib. Capital Earned Capital 0 S (106) * Retained Earnings UA Revenues Income Statement Expenses 01-5 Interest Expense 106 x-5 Net Income (106) * D Calculating Gains and Losses on Early Retirement of Debt The data below pertain to bonds outstanding at 2020 year-end. For each of the following outstanding bonds, determine whether the company would record a gain or a loss if it decided to retire the bonds at the end of fiscal 2020. Calculate the amount of gain or loss. Note: Use a negative sign to indicate a loss. Face Value Premium (Discount) Fair Value Gain (loss) on Early Retirement Firm 1 $990.000 Firm 2 2.200.000 Firm 3 550.000 Firm 4 1.100.000 Check $93.060 $1,104.816 S (151,875) 2.084.460 S 538.765 S 4473 1.096.863 S 0x 0x 0x 0x