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On February 1, 2017, a new software development firm engaged in an initial public offering in which it raised $495,000 in capital and issued 30,000 shares of $1 par value common stock.

On March 1, the firm purchased a small building to locate its operations, by paying 20% of the $300,000 purchase price and financing the balance with a note payable.

The firm accrues interest on the note at the end of each quarter at a rate of 5%, and pays interest on the first day of the next quarter.

The firm depreciates the building at the end of the reporting period using straight-line depreciation.

The estimated salvage value is 50,000 and the estimated useful life of the building is 30 years.

On March 5, the firm purchases another development company for $60,000, acquiring a new software patent valued at 100,000, accounts payable of $10,000, and compensation payable of $30,000.

On April 1, the firm sells software on account, amounting to $62,500.

The customer pays the firm $62,500 on April 30.

The firm hires a new coder at an annual salary of $160,000 on July 1, 2017.

The firm pays the coder quarterly (October 1, 2017 and January 1, 2018).

On July 1, the firm enters into an agreement to provide updates to its software on a quarterly basis and receives an advance payment of $25,000 for Q3 and Q4 of 2017.

On August 15, the company hires another new coder, who will be paid upon completion of a new software project.

On September 1, the company purchases new computer systems for the new software project at a cost of 30,000.

The company depreciates the computer at the end of the reporting period using straight-line depreciation.

The computer systems are estimated to have zero salvage value and a useful life of 5 years.

The company provides software updates pursuant to its July 1 agreement on September 30 for q3 2017.

On November 20, the company makes new sales on account in the amount of $52,500.

On December 1, customers pay $25,000 of sales on account.

The company provides software updates pursuant to its July 1 agreement on December 30 for q4, 2017.

On December 31, the company records an appropriate amount of income tax expense based on a statutory rate of 24% and taxes due on March 15, 2018.

REQUIREMENTS:

PART1:

Record (journalize) transactions and other events .

The entity will prepare annual financial statements. However, some adjusting entries will be made quarterly, and at the end of the company's reporting year.

Be sure to include all quarterly or annual adjusting entries as noted.

PART II:

Post all journal/adjusting entries to t-accounts and determine t-account balances -use the date of the journal entry as the ID for the t-account postings.

PART III:

Prepare one trial balance (post-end of year adjusting entries)

Part IV:

Prepare financial statements (balance sheet, income statement, and statement of retained earnings).