E9-19 balances: 1,2018, the general ledger of Freedom Fireworks includes the following account Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit Credit $ 11,200 34,000 s 1,800 152,000 67,300 120,000 9,600 17,700 200,000 155,400 $384,500 S384.500 During January 2018, the following transactions occur: 1 Borrow $100,000 from Captive Credit Corporation. The installment note bears interest at 7% annually and matures in 5 years. Payments of $1,980 are required at the end of each month for 60 months. January January 4 Receive $31,000 from customers on accounts receivable. January 10 Pay cash on accounts payable, $11,000. January 15 Pay cash for salaries, $28,900 January 30 Firework sales for the month total $195,000. Sales include $65,000 for cash and $130,000 on account. The cost of the units sold is $112,500. January 31 Pay the first monthly installment of $1,980 related to the $100,000 borrowed on January 1. Round your interest calculation to the nearest dollar. Required: 1. Record each of the transactions listed above. 2. Record adjusting entries on January 31. 20000-24000 a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a service life of 10 years and a residual value of $24,000. b. At the end of January, $3,000 of accounts receivable are past due, and the company estimates th 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. No accounts were written off as uncollectible in January c. Unpaid salaries at the end of January are $26,100. d. Accrued income taxes at the end of January are $8,000. 3. Prepare an adjusted trial balance as of January 31, 2018, after updating beginning balances (above) for transactions during January (Requirement 1) and adjusting entries at the end of January (Requirement 2) 4. Prepare a multiple-step income statement for the period ended January 31, 2018 5. Prepare a classified balance sheet as of January 31, 2018. (Hint: The carrying value of nates navab on January 31, 2018 is $98,603; $17411 is renorted