Flint Corporation prepares monthly financial statements. The tabular summary shown in the instructions below reflects the results of January-November 2022. During December, the following transactions occurred: Dec. 2 Paid cash for equipment with a purchase price of $15.300, plus $900 of sales tax 2 Flint sold for $4,600 equipment that originaly cost $6,000. Accumulated deprectation on this equipment at January 1. 2022, was $2.110:2022 depreclation expense prior to the sale of equipment was $990 15 Fint sold imventory for $77,000 cash that cost $4,500. 23 Salaries and wages of 57,300 were paid Adiustment data: 1. The balance in prepaid insurance represents a 6 -month policy with coverge beginning December 1.2022 2. The equipment owned prior to this vear is being depreciated using the stralght-line metnod over 5 vers. The talvage value is 10% of cost. 3. The equipment purchased on December 2, 2022, is being depreciated wsing the straight line method over 5 yeark, with a salvage value of $1,800. 4. The patent was ikquited on January 1, 2022, and has a useful hife of 8 vears from that date. 5. Unpaid salaries at December 31,2022 , tot 252.900 Use the tabular summary below to complete the following. 1. Record the December transactions. Include explanations for amounts in the revenue and expense columns. 2. Determine the unadjusted balance for each column. 3. Record the December adjustments. 4. Determine the adjusted balance for each column (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Question 6 of 22 11 Equipment Accum Depr, - Equip Patents Accounts Payasle $66000 523,000 $12000 $27,400 0 e 9 e. 5 5 Question 6 of 22 Retained Earnings $59,000. 11 eTerbock and Media Assutance Used List of Accounts