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Information: The table on the next page reports Terry's account balances on December 31st for the current and prior years. The following entries have not yet been made for the current year: During the year the sales department wrote off $324,000 of accounts receivable (already included in the current account balances). They have now decided that 7% of their ending A/R balance is uncollectible. Terry uses the Percentage of A/R method for recognizing bad debt expense. During the year the board declared and paid a $270,000 dividend. . On June 1st, a year's premiums on a new insurance policy was prepaid for $150,000. The original payment was recorded as a debit to Prepaid Insurance. No other entries have been made for this contract since that time. Terry's reported income tax expense (see below) includes an estimate for this year's taxes. Only the three adjustments mentioned above have not yet been included in this tax estimate. Because of this, you will need to record any tax effects from the transactions throughout this case (starting with the tax effects, if any, of these three entries). Since another tax payment will not be made until April, these adjustments should be accounted for in Income Tax Expense and Income Tax Payable. Terry's tax rate is 30%. 2018 $1,377,000 $972,000 $1,620,000 $486,000 $150,000 $405,000 $1,296,000 $810,000 $1,900,000 Terry Co. Account Balances As of December 31 2019 AR $1,458,000 Accounts Payable $363,174 Accumulated Depreciation $2,592,000 Additional Paid-In Capital $486,000 Advertising Expense $303,750 Allowance for Bad Debts $81,000 Building $1,296,000 Cash $972,000 Common Stock $1,900,000 ($1 par, 3,800,000 authorized, 1,900,000 outstanding) Consulting and Legal Fee Expense $10,125 Cost of Goods Sold $8,867,212 Current Portion of Loan Payable $81,000 Depreciation Expense $972,000 Equipment $4,536,000 Executive Salaries Expense $708,750 Expansion Fund $486,000 Income Tax Expense $797,325 Income Tax Payable $283,500 Insurance Expense $227,225 Interest Expense $103,275 Inventory $1,944,000 Land $1,782,000 Loan Payable $405,000 $15,000 $4,400,000 $81,000 $180,000 $2,106,000 $500,000 $486,000 $450.000 $162,000 $45,000 $50,000 $2,268,000 $1,134,000 $486,000 Inventory Land Loan Payable Loans to other businesses Miscellaneous Admin. Expenses Miscellaneous Selling Expenses Notes Payable Office Supplies Expense Patents Prepaid Insurance Prepaid Utilities Rent Revenue Retained Earnings Sales Discounts Sales Force Salaries Expense Sales Returns Sales Revenue Selling Commissions Expense Shipping Expense Unearned Revenue Utilities Expense Wages Payable $1,944,000 $1,782,000 $405,000 $648,000 $7,999 $78,975 $2,268,000 $62,775 $243,000 $271,500 $202,500 $50,625 ??? $194,400 $222,750 $769,500 $16,200,000 $810,000 $132,638 $405,000 $121,500 $194,400 $2,268,000 $1,134,000 $486,000 $648,000 $8,000 $40,000 $1,296,000 $75,000 $243,000 $243,000 $162,000 $19,000 $2,919,500 $50,000 $155,000 $500,000 $8,000,000 $40,000 $100,000 $243,000 $80,000 $202,500 Information: The table on the next page reports Terry's account balances on December 31st for the current and prior years. The following entries have not yet been made for the current year: During the year the sales department wrote off $324,000 of accounts receivable (already included in the current account balances). They have now decided that 7% of their ending A/R balance is uncollectible. Terry uses the Percentage of A/R method for recognizing bad debt expense. During the year the board declared and paid a $270,000 dividend. . On June 1st, a year's premiums on a new insurance policy was prepaid for $150,000. The original payment was recorded as a debit to Prepaid Insurance. No other entries have been made for this contract since that time. Terry's reported income tax expense (see below) includes an estimate for this year's taxes. Only the three adjustments mentioned above have not yet been included in this tax estimate. Because of this, you will need to record any tax effects from the transactions throughout this case (starting with the tax effects, if any, of these three entries). Since another tax payment will not be made until April, these adjustments should be accounted for in Income Tax Expense and Income Tax Payable. Terry's tax rate is 30%. 2018 $1,377,000 $972,000 $1,620,000 $486,000 $150,000 $405,000 $1,296,000 $810,000 $1,900,000 Terry Co. Account Balances As of December 31 2019 AR $1,458,000 Accounts Payable $363,174 Accumulated Depreciation $2,592,000 Additional Paid-In Capital $486,000 Advertising Expense $303,750 Allowance for Bad Debts $81,000 Building $1,296,000 Cash $972,000 Common Stock $1,900,000 ($1 par, 3,800,000 authorized, 1,900,000 outstanding) Consulting and Legal Fee Expense $10,125 Cost of Goods Sold $8,867,212 Current Portion of Loan Payable $81,000 Depreciation Expense $972,000 Equipment $4,536,000 Executive Salaries Expense $708,750 Expansion Fund $486,000 Income Tax Expense $797,325 Income Tax Payable $283,500 Insurance Expense $227,225 Interest Expense $103,275 Inventory $1,944,000 Land $1,782,000 Loan Payable $405,000 $15,000 $4,400,000 $81,000 $180,000 $2,106,000 $500,000 $486,000 $450.000 $162,000 $45,000 $50,000 $2,268,000 $1,134,000 $486,000 Inventory Land Loan Payable Loans to other businesses Miscellaneous Admin. Expenses Miscellaneous Selling Expenses Notes Payable Office Supplies Expense Patents Prepaid Insurance Prepaid Utilities Rent Revenue Retained Earnings Sales Discounts Sales Force Salaries Expense Sales Returns Sales Revenue Selling Commissions Expense Shipping Expense Unearned Revenue Utilities Expense Wages Payable $1,944,000 $1,782,000 $405,000 $648,000 $7,999 $78,975 $2,268,000 $62,775 $243,000 $271,500 $202,500 $50,625 ??? $194,400 $222,750 $769,500 $16,200,000 $810,000 $132,638 $405,000 $121,500 $194,400 $2,268,000 $1,134,000 $486,000 $648,000 $8,000 $40,000 $1,296,000 $75,000 $243,000 $243,000 $162,000 $19,000 $2,919,500 $50,000 $155,000 $500,000 $8,000,000 $40,000 $100,000 $243,000 $80,000 $202,500