Hassellhouf Companys trial balance at December 31, 2017, is presented below. All 2017 transactions have been recorded except for the items described below.

	Debit		Credit
Cash	$26,500
Accounts Receivable	37,000
Notes Receivable	9,100
Interest Receivable	0
Inventory	36,200
Prepaid Insurance	3,720
Land	20,300
Buildings	153,000
Equipment	70,000
Patents	9,500
Allowance for Doubtful Accounts			$600
Accumulated DepreciationBuildings			51,000
Accumulated DepreciationEquipment			28,000
Accounts Payable			27,500
Salaries and Wages Payable			0
Unearned Rent Revenue			5,400
Notes Payable (due in 2018)			13,000
Interest Payable			0
Notes Payable (due after 2018)			35,500
Common Stock			53,000
Retained Earnings			59,620
Dividends	12,500
Sales Revenue			903,000
Interest Revenue			0
Rent Revenue			0
Gain on Disposal of Plant Assets			0
Bad Debts Expense	0
Cost of Goods Sold	637,000
Depreciation Expense	0
Insurance Expense	0
Interest Expense	0
Other Operating Expenses	61,800
Amortization Expense	0
Salaries and Wages Expense	100,000
Total	$1,176,620		$1,176,620

Unrecorded transactions:

1.		On May 1, 2017, Hassellhouf purchased equipment for $17,400 plus sales taxes of $1,800 (all paid in cash).
2.		On July 1, 2017, Hassellhouf sold for $3,600 equipment which originally cost $5,100. Accumulated depreciation on this equipment at January 1, 2017, was $1,800; 2017 depreciation prior to the sale of the equipment was $500.
3.		On December 31, 2017, Hassellhouf sold on account $5,000 of inventory that cost $3,200.
4.		Hassellhouf estimates that uncollectible accounts receivable at year-end is $3,300.
5.		The note receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded.
6.		The balance in prepaid insurance represents payment of a $3,720 6-month premium on September 1, 2017.
7.		The building is being depreciated using the straight-line method over 30 years. The salvage value is $33,000.
8.		The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost.
9.		The equipment purchased on May 1, 2017, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,700.
10.		The patent was acquired on January 1, 2017, and has a useful life of 10 years from that date.
11.		Unpaid salaries and wages at December 31, 2017, total $2,200.
12.		The unearned rent revenue of $5,400 was received on December 1, 2017, for 3 months rent.
13.		Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 9% interest rate. All interest is payable in the next 12 months. Instructions (a) Prepare journal entries for the transactions listed above. (b) Prepare an updated December 31, 2014, trial balance. (c) Prepare a 2014 income statement and an owners equity statement. (d) Prepare a December 31, 2014, classified balancesheet.