eBook Hint Gordon Company started operations on January 1 of the current year. It is now December 31, the end of the current annual accounting period. The part-time bookkeeper needs your help to analyze the following three transactions a. During the year, the company purchased office supplies that cost $3,500. At the end of the year, office supplies of $970 remained on hand. b. On January 1 of the current year, the company purchased a special machine for cash at a cost of $29,500. The machine's cost is estimated to depreciate at $2,950 per year. c. On July 1, the company paid cash of $1,480 for a two-year premium on an insurance policy on the machine, coverage began on July 1 of the current year Required: Complete the following schedules with the amounts that should be reported for the current year. Complete this question by entering your answers in the tabs below. References Required 11 Required 2 Complete the following schedule for Balance sheet at December 31 with the amounts that should be reported for the current year, Note: Amounts to be deducted should be indicated by a minus sign. Selected Balance Sheet Accounts at Assets December 31 Equipment Accumulated depreciation Net book value of equipment t Office supplies Prepaid insurance Amount to be Reported Required 2 > Gordon Company started operations on January 1 of the current year. It is now December 31, the end of t period. The part-time bookkeeper needs your help to analyze the following three transactions: a. During the year, the company purchased office supplies that cost $3,500. At the end of the year, off remained on hand. b. On January 1 of the current year, the company purchased a special machine for cash at a cost of $2 estimated to depreciate at $2,950 per year. c. On July 1, the company paid cash of $1,480 for a two-year premium on an insurance policy on the m July 1 of the current year. Required: Complete the following schedules with the amounts that should be reported for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the following schedule for Income Statement for the Year Ended December 31 with the amounts that reported for the current year. Selected Income Statement Accounts for the Year Ended December 31 Expenses Depreciation expense Office supplies expense Insurance expense Amount to be Reported