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Jassal Music Inc. is located in Edmonton, Alberta, and reports its financial information using IFRS. The company has six primary lines of business: It sells musical instruments. It sells related music products (including sheet music, strings, replacement parts, cases). It has a school rental program (for musical instruments). It provides music lessons. It tunes and repairs musical instruments. It sells a specialty brand line of Allegro Quality Instruments. The company has eight staff members, all of whom (except for you, the accountant) teach music and work in the sales area when they are not teaching. The company's unadjusted trial balance at December 31, 20X4, is presented below: Debit Credit Cash 275,612.00 Accounts receivable trade 24,500.00 Allowance for doubtful accounts 85.00 Accounts receivable school program 48,000.00 Prepaid insurance 25,500.00 Inventory school rentals 36,990.00 Inventory instrument sales 114,524.00 Inventory related products 35,700.00 Inventory not owned 51,750.00 Note receivable R. Tower 3,695.00 Investment in PLZ shares 84,240.00 Investment in General Company bonds 250,000.00 Investment in mortgage option 5,000.00 Investment in mortgages 512,000.00 Land 279,400.00 Warehouse 126,000.00 Accumulated depreciation warehouse 27,550.00 Store 368,400.00 Accumulated depreciation store 78,285.00 Tools and other equipment 38,850.00 Accumulated depreciation tools and other equipment 24,605.00 Vehicles delivery, service, sales 35,000.00 Module 5.1 Intermediate Financial Reporting 1 Project 1 3/6 Accumulated depreciation vehicles 14,400.00 Office equipment 8,500.00 Accumulated depreciation office equipment 3,400.00 Computer equipment 12,300.00 Accumulated depreciation computer equipment 4,950.00 Customer list 10,000.00 Accumulated amortization customer list 5,000.00 Accounts payable 242,700.00 Payroll taxes payable 4,240.00 Short-term note payable 3,500.00 Current portion of long-term debt 7,200.00 Long-term debt 36,000.00 Preferred shares (2,000 shares outstanding) 50,000.00 Common shares (750 shares @ $400 / share) 300,000.00 Retained earnings 321,625.00 Revenue instrument sales 2,637,358.00 Revenue sales related products 571,577.00 Revenue school rental program 122,000.00 Revenue lessons 198,600.00 Revenue tuning and repair 64,100.00 Revenue Allegro sales 388,125.00 Cost of goods sold instrument sales 1,423,598.00 Cost of goods sold related products 355,794.00 Cost of goods sold Allegro 310,500.00 Cost of goods sold lessons, tuning and repair, and other 38,600.00 Advertising 4,500.00 Audit and legal fees 13,907.00 Interest expense long-term debt 3,225.00 Insurance expense property, building and casualty 15,200.00 Insurance automobile 2,500.00 Investment transaction costs 309.00 Janitorial services 7,800.00 Office expenses 4,800.00 Property taxes 18,600.00 Training and development 3,200.00 Telephone 6,685.00 Utilities 7,200.00 Wages, salaries and benefits 432,000.00 Dividend income 2,025.00 Gain (loss) on investment in PLZ shares 52,785.00 Interest income note receivable 339.00 Mortgage interest income 57,980.00 Gain / loss on purchase of property, plant and equipment 150.00 Gain / loss on sale of property, plant and equipment 800.00 Income tax expense 225,000.00 $5,219,379.00 $5,219,379.00 The following are the main events that have occurred in the company's fiscal year ending December 31, 20X4: 1. Jassal Music renewed the commercial and business insurance policy in August 20X4 for the year commencing September 1, 20X4. The company initially recorded the $25,500 payment as a prepaid expense. 2. At December 31, 20X4, Jassal Music had one Allegro grand piano in its store. Jassal Music will pay Allegro for the piano only when it has a firm sale of the instrument to an external customer. The piano retails on the market for $62,500. The cost of the piano to Jassal Music, which it will pay to Allegro only if it is sold, will be $51,750. In the meantime, as long as the instrument remains on-site at the company's store, Jassal Music management has decided to record the cost of the instrument in inventory and set up an account payable for the same amount. 3. The company has contracts with customers in the school rental program that run for the full academic year (September to June). Customers pay monthly for the instrument rentals. For the academic year of September 20X3 to June 20X4, the rental income earned from the program was $7,000 per month. Six months of rental income from the 20X3-20X4 academic year is recorded by Jassal Music as revenue for its 20X4 fiscal year. The monthly rental income earned by the company on the school rental program for the academic year of September 20X4 to June 20X5 is $8,000 per month. No other rental income was earned by the program in the 20X4 fiscal year. 4. During the 2014 fiscal year, Jassal Music sold a violin that would normally sell for $1,650 for a computer system that sells for $1,800. The transaction was recorded as follows: DR Computer equipment 1,800 CR Revenue 1,650 CR Gain on purchase of equipment 150 DR Cost of goods sold 1,500 CR Inventory 1,500 5. Jassal Music records its merchandise inventory into the following four categories: rental instruments and equipment (\"Rentals\") instruments and equipment for sale (\"Items\") related products Allegro instruments (not owned) The breakdown of inventory held by Jassal Music as at December 31, 20X4, is as follows. Jassal Music Inventory December 31, 20X4 Inventory item Number of units Cost per unit NRV per unit Rentals Chime sets 75 $ 225 $ 79 Cymbals 75 $ 15 $ 5 Drum sets 50 $ 175 $ 61 Flutes 75 $ 100 $ 35 Violins 75 $ 110 $ 39 Guitars (school program) 120 $ 62 $ 22 Keyboards 15 $ 250 $ 88 Recorders (school program) 120 $ 7 $ 2 Saxophones 20 $ 225 $ 79 Triangles 80 $ 5 $ 2 Xylophones 20 $ 135 $ 47 Instrument stands 250 $ 80 $ 36 Items for sale Chime sets 3 $ 750 $ 790 Cymbals 4 $ 70 $ 85 Drum sets 3 $ 450 $ 525 Flutes 5 $ 650 $ 775 Violins 3 $ 1,500 $ 1,650 Guitars (school program) 7 $ 62 $ 45 Guitars acoustic 9 $ 125 $ 132 Guitars electric 12 $ 190 $ 225 Keyboards 4 $ 2,200 $ 2,100 Pianos entry 3 $ 2,300 $ 2,500 Pianos introductory 5 $ 4,500 $ 4,900 Pianos intermediate 2 $ 12,000 $ 14,200 Pianos professional 1 $ 22,500 $ 25,000 Pianos upright 2 $ 5,000 $ 7,500 Recorders (school program) 25 $ 7 $ 10 Saxophones 3 $ 575 $ 675 Ukuleles 5 $ 55 $ 65 Xylophones 4 $ 245 $ 300 Instrument stands 15 $ 80 $ 75 Related products Sheet music (scores) 2,800 $ 12 $ 18 Bows 25 $ 12 $ 22 Picks 200 $ 2 $ 5 Strings (packages) 75 $ 12 $ 10 Metronomes 25 $ 20 $ 45 Module 5.1 Intermediate Financial Reporting 1 Project 1 6/6 Allegro (non-owned) Grand piano 1 $ 51,750 $ 62,500 6. The majority of sales conducted by Jassal Music are in cash; other than the school district, very few customers are offered credit terms. Historically, less than 1% of year-end trade accounts receivable (excluding the school program) is not collected. There have never been any bad debts from the school program. At year end, Jassal Music adjusts the allowance for doubtful accounts to be 1% of the trade receivables, excluding trade receivables from the school program. 7. On October 19, 20X3, Jassal Music sold a delivery vehicle that it no longer needed for $6,500. The company took a note receivable from the customer, Ryan Tower Inc., for this sale. The terms of the note state that it must be repaid in full within three years; however, there is no fixed payment schedule. The note also bears interest at 12% per annum, which is equal to the market rate of interest. Ryan Tower has made the following payments on the note receivable to date: Date of payment Total payment Applied to interest December 31, 20X3 $ 1,500.00 $ 156.00 April 15, 20X4 $ 1,000.00 $ 177.99 August 6, 20X4 $ 800.00 $ 161.01 The schedule below has not been updated since the December 31, 20X3, payment. Date Days outstanding Amount outstanding Interest rate Interest Payment Amount outstanding October 19, 20X3 $6,500.00 12.00% $6,500.00 December 31, 20X3 73 $6,500.00 $156.00 $1,500.00 $5,156.00 April 15, 20X4 $5,156.00 $5,156.00 August 6, 20X4 $5,156.00 $5,156.00 December 31, 20X4 $5,156.00 $5,156.00 The payments were applied appropriately, first to interest and then to principal. However, interest income has not been accrued to December 31, 20X4. Required: Submit the following: 1. A list of the adjusting journal entries with supporting calculations as necessary 2. A calculation of inventory at the lower of cost or net realizable value 3. An adjusted trial balance (year-end working paper) based on the adjusting journal entries made in requirement 1)