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4 Prepare a multi-step income statement for the year ended December 31, 2023. 5 Prepare the statement of stockholders equity for the year ended December 31, 2023. A B C D The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $215,000, terms n/30. 31 Issued a 30 -day, 6% note for $215,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $400,000 from Triple Creek Bank, issuing a 45 -day, 8% note. Jul. 1 Purchased tools by issuing a $60,000,60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30 -day, 9% note for $400,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $360,000, paying $160,000 cash and issuing a series of ten 6% notes for $20,000 each, coming due at 30 -day intervals. 22 Settled a product liability lawsuit with a customer for $50,000, payable in January. Accrued the loss in a litigation claims payable account. 31 Paid the amount due to Greenwood Co. on the first note in the series issued on December 1. I have posted a Summary Journal prepared to capture the transactions from the normal course of business in 2023. The journal page is included for you to see if you would like. This is not a normal transaction but it was needed to make this scenario's numbers work without requiring you to prepare a TON of journal entries. Ignore the date of January 1. Required: 1 Journalize the entries to record the transactions, and post to the general ledger. Assume a 360-day year. 2 Complete the worksheet. Information for the adjusting entries are as follows: a Product warranty cost, $70,000. b Accrue interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day year. c The balance in the prepaid insurance account should be $9,000. d Depreciation is calculated based on the following: The building has a $750 salvage value, 15 year life, and is adjusted using straightline depreciation The office equpment has a 4 year life and will be depreciated using the double declining balance method with no anticipated salvage value. The tools have a 5 year life, $500 salvage value and will be depreciated using the double declining balance method e The note receivable is a 5 month 5% note received on October 1 f Inventory of supplies on hand shows a balance of $2,600. g Payroll for the month of December will be paid on January 3. Salaries for the month not yet paid are $32,000. The employer and employee is responsible for Social Security tax at a rate of 6.2% and Medicare tax at a rate of 1.45%. No employees have met the Social Security maximum. Round your calculations to the whole dollar. Federal income tax is withheld from employees pay at the rate of 10%. Pensions are accrued at 10% of pay and are 100% employer funded. 3 Journalize the adjusting entries and post them to the general ledger. 4 Prepare a multi-step income statement for the year ended December 31, 2023. 5 Prepare the statement of stockholders equity for the year ended December 31, 2023. 6 Prepare the balance sheet dated December 31, 2023. 7 Journalize and post the closing entries. 8 Prepare a post-closing trial balance. \begin{tabular}{|c|c|c|c|c|c|c|} \hline & & & GENERAL JOURI & & Page: & 23 \\ \hline & DATE & & DESCRIPTION & \begin{tabular}{l} POST. \\ REF. \end{tabular} & DEBIT & CREDIT \\ \hline 1 & 2023 & & & & & \\ \hline 2 & Dec & 31 & Cash & 110 & 223,875.00 & \\ \hline 3 & & & Accounts Receivable & 111 & 25,000.00 & \\ \hline 4 & & & Notes Receivable & 113 & 18,000.00 & \\ \hline 5 & & & Supplies & 116 & 6,750.00 & \\ \hline 6 & & & Prepaid Insurance & 118 & 12,000.00 & \\ \hline 7 & & & Accounts Payable-Kirkwood Co. & 210 & 25,000.00 & \\ \hline 8 & & & Accounts Payable-Poulin Co. & 212 & 10,000.00 & \\ \hline 9 & & & Dividends & 312 & 15,000.00 & \\ \hline 10 & & & Cost of Goods Sold & 510 & 530,000.00 & \\ \hline 11 & & & Sales Salaries Expense & 520 & 360,000.00 & \\ \hline 12 & & & Delivery Expense & 525 & 25,000.00 & \\ \hline 13 & & & Repairs Expense & 526 & 7,500.00 & \\ \hline 14 & & & Selling Expenses & 529 & 35,000.00 & \\ \hline 15 & & & Rent Expense & 531 & 48,000.00 & \\ \hline 16 & & & Payroll Tax Expense & 536 & 72,000.00 & \\ \hline 17 & & & Benefits Expense & 538 & 108,000.00 & \\ \hline 18 & & & Cash Short and Over & 539 & 375.00 & \\ \hline 19 & & & Miscellaneous Expense & 541 & 17,000.00 & \\ \hline 20 & & & Inventory & 115 & & 25,000.00 \\ \hline 21 & & & Accounts Payable-Greenwood Co. & 211 & & 13,500.00 \\ \hline 22 & & & Sales & 410 & & 1,500,000.00 \\ \hline 23 & & & Year end summary posting & & 1,538,500.00 & 1,538,500.00 \\ \hline 24 & & & & & & \\ \hline \end{tabular}