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Aimes Corporation's balance sheet at December 31, 2020, is presented below. AIMES CORPORATION Balance sheet December 31, 2020 Cash $30,000 Accounts payable $13,750 Inventory 30,750 Interest payable 2,500 Prepaid insurance 5,600 Bonds payable 50,000 Equipment 38,000 Common stock 25,000 Retained earnings 13,100 Total $104,350 $104,350 During 2021, the following transactions occurred. Aimes uses a perpetual inventory system 1. Aimes paid $2,500 interest on the bonds on January 1, 2021. 2. Aimes purchased $241,100 of inventory on account. 3. Aimes sold for $480,000 cash inventory which cost $265,000. Aimes also collected $28,800 sales taxes. 4. Aimes paid $40,000 on accounts payable. 5. Aimes paid $2,500 interest on the bonds on July 1, 2021. 6. The prepaid insurance $5,600 expired on July 31. 7. On August 1, Aimes paid $10,200 for insurance coverage from August1, 2021, through July 31, 2022. 8. Aimes paid $17,000 sales taxes to the state. 9. Paid other operating expenses, $91,000. 10. Redeemed the bonds on December 31, 2021, by paying $48,000 plus $2,500 interest 11. Issued $90,000 of 8% bonds on December 31, 2021, at 103. The bonds pay interest every June 30 and December 31. Adjustment data: 1. Recorded the insurance expired from item 7. Cash Inventory Prepaid insurance Equipment $30,000 30,750 5,600 38,000 Balance sheet December 31, 2020 Accounts payable Interest payable Bonds payable Common stock Retained earnings $13,750 2,500 50,000 25,000 13,100 $104,350 Total $104,350 During 2021, the following transactions occurred. Aimes uses a perpetual inventory system, 1. Aimes paid $2,500 interest on the bonds on January 1, 2021. 2. Aimes purchased $241,100 of inventory on account. 3. Aimes sold for $480,000 cash inventory which cost $265,000. Aimes also collected $28,800 sales taxes. 4. Aimes paid $40,000 on accounts payable. 5. Aimes paid $2,500 interest on the bonds on July 1, 2021. 6. The prepaid insurance $5,600 expired on July 31. 7. On August 1, Aimes paid $10,200 for insurance coverage from August 1, 2021, through July 31, 2022. 8. Aimes paid $17,000 sales taxes to the state. 9. Paid other operating expenses, $91,000. 10. Redeemed the bonds on December 31, 2021, by paying $48,000 plus $2,500 interest. 11. Issued $90,000 of 8% bonds on December 31, 2021, at 103. The bonds pay interest every June 30 and December 31. Adjustment data: 1. Recorded the insurance expired from item 7. 2. The equipment was acquired on December 31, 2020, and will be depreciated on a straight-line basis over 5 years with a $3,000 salvage value. 3. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Instructions (a) Prepare journal entries for the transactions listed above and adjusting entries. (b) Prepare a multiple step income statement for the year ending December 31, 2021