Eric Shehan is a student working on an internship at Mahon Ltd. On December 31, 2020, the company had its year end. Eric's boss brought him the following information: Accounts Payable $219,000 Wages Expense $364,000 Cash Notes Payable Inventory 116,000 Notes Receivable 199,000 253,000 Rent Expense 33,000 309,000 Dividends Declared 178,000 Common Shares 348,000 Supplies 10,000 Sales Revenue 3,422,000 Insurance Expense 16.000 Retained Earnings (at January 1, 2020) 1,128,000 Equipment 1683000 Cost of Goods Sold 2,059,000 Accumulated Depreciation, Equipment 158,000 Utilities Expense 86,000 Miscellaneous Expense 31.000 Interest Revenue 10,000 Unearned Revenue 29.000 Accounts Receivable 423,000 Advertising Expense 53.000 7,000 Interest Experise 17C Partly sunny Question 4 of 7 < -/10 These account amounts are correct, but Eric's boss advised him that the information did not reflect the following information 1. Accrued interest of $6,000 on the notes receivable. 2 Employees earned $80,000 in bonuses based on achieving sales targets. These are payable on January 10, 2021. 3. Accrued interest on the note payable amounting to $5.000 is due in January 2021. 4. As of December 31, 2020, the supplies still on hand had a cost of $5,000. 5. The insurance expense includes $3,000 in premiums related to coverage for 2021 6. 7. Depreciation for 2020 is $169,000 on the equipment. The company's board declared additional dividends of $248,000, which are payable to shareholders on January 15, 2021 Determine the amounts that would appear in an adjusted trial balance for Mahon Ltd. as at December 31, 2020 Mahon Ltd. Adjusted Trial Balance December 31, 2020 Debits Credits Determine the amounts that would appear in an adjusted trial balance for Mahon Ltd. as at December 31, 2020. Mahon Ltd. Adjusted Trial Balance December 31, 2020 Accounts Payable Cash Notes Payable Inventory Common Shares Sales Revenue Retained Earnings Debits Credits $ $ Question 4 of 7 Mahon Ltd. Statement of Income For the Year Ended December 31, 2020 Revenues Sales Revenue Interest Revenue Total Revenues Expenses Cost of Goods Sold Duties Experie Interest Expense Wipes Exper -/10 1 Question 4 of 7 List of Accounts Calculate the amount of retained earnings as at December 31, 2020. Ending retained earnings, Dec. 31, 2020 $ eTextbook and Media: List of Accounts -/10 E Prepare a classified statement of financial position as at December 31, 2020. (Note: The note receivable and note payable are due in 2021.) (List Current Assets in order of liquidity.) Question 4 of 7 -/10 E Prepare a classified statement of financial position as at December 31, 2020. (Note: The note receivable and note payable are due in 2021.) (List Current Assets in order of liquidity) Mahon Ltd. Statement of Financial Position December 31, 2020 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Supplies Notes Receivable 3