I need help with the financial statements please
Belvidere Pharmaceuticals D -Town Division The following additional information is available December 31,2021 : 1) Store Supplies on hand on December 31, 2021, amounted to $565,000. 2) Insurance of $3,740,000 was paid on January 1, 2021, for the 16-montbs to April 30, 2022 3) Prepaid rent expired December 31, 2021, amounted to $2,400,000 4) The furniture and equipment have an estimated useful life of 10 years and is being depreciated ACCT1002 - Introduction to Financial Accounting Assignment # 2 Page | 9 on the straight-line method down to a residual value of $200,000. 5) The Motor Car cost relates to two Vista cars purchased for $2,400,000 each by the company on January 1, 2015. The double-declining balance metbod of depreciation is used to compute the car's depreciation charges and their expected useful life is 10 years or 100,000 miles. In 2015, 10,000 miles were driven, 16,500 in 2016,12,600 in 2017, 16,000 in 2018, 16,500 in 2019, 14,800 in 2020 and 16,800 in 2021 . The residual value on both car is $241,592 each. On September 1 , 2021 , the company sold one of the cars to ZM Company for $700,000 on credit. Round off answers to the nearest dollar. 6) Salaries earned by employees and not yet paid amounted to $360,000 on Dec 31, 2021. 7) Accrued interest expense as of December 31, 2021, $95,000. 8) On Dec 31,2021,$1,500,000 of the previously unearned sales revenue had been earned. 9) The aging of the Accounts Receivable schedule on Dec 31, 2021, indicated that the Allowance for Bad Debts should be $650,000 10) A physical count of inventory was done on December 31, 2021, after making all the other adjustments and this revealed that there was $6,000,000 worth of inventory on hand at this point. Other data: 11) The business is expected to make principal payments totalling $780,000 towards the loan during the fiscal year to December 31,2022. Required: a) Prepare the necessary adjusting journal entries on Dec 31, 2021. [Narrations are not required] b) Prepare the Adjusted Trial balance for the period ending December 31, 2021. c) Using the Adjusted trial balance, generate the statements requested by Belvidere Pharmaceutical D -Town Division, i.e. - A Multiple-step income statement \& a Statement of owner's equity for the year ended December 31, 2021 - A Classified balance sheet, in report format, at December 31, 2021. Belvidere Pharmaceuticals D -Town Division The following additional information is available December 31,2021 : 1) Store Supplies on hand on December 31, 2021, amounted to $565,000. 2) Insurance of $3,740,000 was paid on January 1, 2021, for the 16-montbs to April 30, 2022 3) Prepaid rent expired December 31, 2021, amounted to $2,400,000 4) The furniture and equipment have an estimated useful life of 10 years and is being depreciated ACCT1002 - Introduction to Financial Accounting Assignment # 2 Page | 9 on the straight-line method down to a residual value of $200,000. 5) The Motor Car cost relates to two Vista cars purchased for $2,400,000 each by the company on January 1, 2015. The double-declining balance metbod of depreciation is used to compute the car's depreciation charges and their expected useful life is 10 years or 100,000 miles. In 2015, 10,000 miles were driven, 16,500 in 2016,12,600 in 2017, 16,000 in 2018, 16,500 in 2019, 14,800 in 2020 and 16,800 in 2021 . The residual value on both car is $241,592 each. On September 1 , 2021 , the company sold one of the cars to ZM Company for $700,000 on credit. Round off answers to the nearest dollar. 6) Salaries earned by employees and not yet paid amounted to $360,000 on Dec 31, 2021. 7) Accrued interest expense as of December 31, 2021, $95,000. 8) On Dec 31,2021,$1,500,000 of the previously unearned sales revenue had been earned. 9) The aging of the Accounts Receivable schedule on Dec 31, 2021, indicated that the Allowance for Bad Debts should be $650,000 10) A physical count of inventory was done on December 31, 2021, after making all the other adjustments and this revealed that there was $6,000,000 worth of inventory on hand at this point. Other data: 11) The business is expected to make principal payments totalling $780,000 towards the loan during the fiscal year to December 31,2022. Required: a) Prepare the necessary adjusting journal entries on Dec 31, 2021. [Narrations are not required] b) Prepare the Adjusted Trial balance for the period ending December 31, 2021. c) Using the Adjusted trial balance, generate the statements requested by Belvidere Pharmaceutical D -Town Division, i.e. - A Multiple-step income statement \& a Statement of owner's equity for the year ended December 31, 2021 - A Classified balance sheet, in report format, at December 31, 2021
