Instructions: 1. Enter Pinto Corporation's 2023 transactions in the worksheet below. The transactions are located beginning in Column P. 2. All the account names and the beginning balances have been provided to you. 3. Do not add or delete any rows or columns. Budget 30 minutes. December 2023 Transactions for Pinto Corporation December 31, 31,2022 Change in account Transaction Number 1 2 3 4 5 6 7 8 9 Net Income 2023 Balance Balance balance Transaction Description Sheet Sheet 1 On 1/2/2023, Pinto paid all the interest that was owed as of 12/31/22. Cash. 57,000 57,000 2 On 1/14/2023, Pinto purchased $9,500 of inventory from a supplier. Pinto paid cash Accounts Receivable 18,850 18,850 Inventory 24,512 24.512 PPE, Cost 34,000 34,000 for this purchase plus $4,000 more in cash that was owed to the supplier as of 12/31/2022. Accum Deprec-PPE (12,750) (12,750) 3 Prepaid Insurance 8,400 8,400 On 3/5/2023, Pinto sold $14,000 of goods to a customer. The customer has 60 days to pay. The goods sold cost Pinto $12,100. Intangible Assets, net 9,600 9,600 4 Long-term Investments 14,769 14,769 On 4/27/2023, Pinto paid $19,000 for treasury stock. Land 35,000 35,000 5 Total Assets 189,381 189,381 6 On 5/2/2023, Pinto collected the amount owed from the customer in Transaction 3. On 8/17/2023, Pinto paid $13,000 to purchase intangible assets. AA-(AL+ASE) Wages Payable Interest Payable Loans Payable 7 Accounts Payable 8,721 8,400 7,750 15,000 Taxes Payable 16,570 Unearned Revenue 14,568 Total Liabilities 71,009 Common Stock 179,860 Treasury Stock (88,800) Retained Earnings 27,312 Sales Cost of Goods Sold 8,721 8,400 The beginning balance sheet shows $8,400 in prepaid insurance paid in 2022. This insurance was "used up" on 9/30/2023. 7,750 8 15,000 16,570 14,568 9 71,009 The original cost of Pinto's PPE was $34,000. When purchased, its useful was 8 years with no salvage value. On 12/31/2023, Pinto recognized depreciation expense for the year. On 12/31/2023, Pinto recognized income tax expense of $3,500. The taxes will be paid in January 2024. 179,860 (88,800) 27,312 Insurance Expense Wage Expense Amortization Expense Depreciation Expense Interest Expense Interest/Dividend Income Tax Expense TotalSH Equity 118,372 Total Liabilities & SH Equity 189,381 118,372 Net Income 189,381