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MID-TERM Accounting II; Summer 2019 Part II: Comprehensive Problem; pages 452-453 Raymond Company's trial balance at December 31, 2014, is presented in the tables below ITEM All 2014 transactions have been recorded except for the items described below the tables. Debit Credit Cast 28,000 Accounts Receivable 36,800 Notes Receivable 10,000 Interest Receivable 0 Inventory 36.200 Prepaid Insurance 4,400 Land 20.000 Buildings 160,000 Equipment 60.000 Patents 8,000 ITEM Debit Credit Allowance for Doubtful Accounts 300 Accumulated Depreciation - Buildings 49.000 Accumulated Depreciation - Equipment 24,000 Accounts Payable 28,300 Income Tax Payable Salaries and Wages Payable Unearned Rent Revenues 6,000 Notes Payable, due 2015 11.000 Interest Payable 0 Notes Payable, due after 2015 35,000 Share Capital - Ordinary 50,000 Retained Earnings 63,600 Dividends 12,000 MID-TERM Accounting II; Summer 2019 Part II: Comprehensive Problem Raymond Company's trial balance at December 31, 2014, is presented above and below. All 2014 transactions have been recorded except for the items described below this table ITEM Debit Credit Sales Revenue 910,000 Interest Revenue Rent Revenue Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold 630,000 Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expense 31.800 Amortisation Expense 0 Salaries and Wages Expense 110,000 TOTAL 1,177,200 1,177,200 MID-TERM Accounting II; Summer 2019 Part II: Comprehensive Problem Unrecorded transactions: 1. On May 1, 2014, Raymond purchased equipment for $13,000 plus sales taxes of $780 (all paid in cash). 2. C My 1, 2014, Raymond sold for $3,500 equipment which originally cost $5,000 Avariation prior to the sale of the on this equipment at January 1, 2014, was $1,800; 2014 3. On December 31, 2014, Raymond sold for $9,400 on account inventory that cost $6,600. 4. Raymond estimates that uncollectible accounts receivable at year-end is $4,000. The note receivable is a one-year, 8% note dated April 1, 2014. No interest has been recorded The balance in prepaid insurance re October 1, 2014 ayment of a $4,400 6-month premium on 7. building is being depreciated using the straight-line method over 40 years. The residual value is $20,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The residual value is 10% of cost. . The equipment purchased on May 1, 2014, is being depreciated using the straight-line method over 5 years, with a residual 0. The patent was acquired on January 1, 2014, and has a useful life of 10 years from that date. 11. Unpaid salaries and wages at December 31, 2014, total $2,200. 2. The unearned rent reve rent. nue of $6,000 was received on December 1, 2014, for 4 months 3. Both the short-term and long-term notes payable are dated January 1, 2014, and carry a 9% interest rate. All interest is payable in the next 12 months. 14. Income tax expense was $17,000. It was unpaid at December 31. 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 a 2014 retained earnings statement. (d) Prepare a December 31, 2014, classified statement of financial position. HINTS: (b) Totals $1,228,294 (c) Net income $68,256 (d) Total assets $271,996 On my personal honour and integrity, I_ pledge that I have neither received nor given any unacknowledged aid, including from secondary sources, on this exam. ADJUSTMENTS RECORDED Date Explanation Ref . Debit Credit 01may14 Date Explanation Ref. Debit Credit