Individual Case Assignment: Debits and Credits through Financials Margie Company needs your help to record and summarize its accounting transactions for 2021 and to prepare its financial statements for that year. Margie Company provided you with the following Balance Sheet for 2020. (Note that this balance sheet is not properly classified.) The year end is December 31. Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Rent Warehouse Supplies Inventory - Prepaid Insurance Land Building Accumulated Depreciation - Bldg Equipment Accumulated Depreciation - Equip Total Assets: Liabilities & Stockholders' Equity $ 57,000 83,000 167,000 3,500 3,300 6,000 55,000 150,000 -20,000 130,000 100,000 -29,000 71,000 $575,800 Accounts Payable (all for merchandise inventory) Salaries Payable Income Taxes Payable Notes Payable, 7% (due in 6 months) Bonds Payable, 8% (Matures in 2020) (Interest payments due each 12/31) Common Stock-No Par Retained Earnings Total Liabilities & Stockholders' Equity: $ 88,000 11,000 6,800 45,000 80,000 305,000 40,000 $575,800 The following transactions occurred in 2021: a. Cash sales totaled $140,000. b. Credit sales totaled $420,000. c. Credit card sales totaled $280,000. (The credit card company charges Margie Company 4% on sales and transfers the net amount directly to Margie's bank account.) d. Purchases of merchandise inventory on account totaled $470,000, terms 2/10,N/30. Margie records all purchases at net and takes advantages of all discounts. e. Cost of merchandise sold totaled $502,000. f. Salaries paid to employees totaled $96,000, including the salaries payable at 12/31/20. g. Utilities paid during the year totaled $59,000 h. Rent for 2017 paid for special equipment totaled $ 60,000. i. Supplies purchased for cash during the year totaled $12,400. j. Paid the note payable from last year, plus six months interest. k. Equipment which had cost $15,000 and had accumulated depreciation of $6,000 was sold for $7,300. 1. Issued an additional 10,000 shares of common stock for a total of $57,000 cash. m. New equipment costing $24,000 was purchased on August 1. Maggie paid $4,000 down and issued a 1 year, 7.5% note for the balance n. New equipment costing $ 120,000 was purchased on Nov. 12 for $ 120,000, $ 90,000 was paid in cash and 4,800 shares of common stock was issued for the equipment. 12