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 31, 2022 Transaction Number 2 3 4 5 6 7 8 " Cash Accounts Receivable Balance Sheet $7,000 18,850 Inventory 24,512 PPE, Cost 34,000 Accum Deprec-PPE (12,750) Prepaid Insurance 8,400 Intangible Assets, net 9,600 Long-term Investments 14,769 Land 35,000 Total Assets 189,381 AA (AL+ASE) Accounts Payable 8,721 Wages Payable 8,400 Interest Payable 7,750 Loans Payable 15,000 Taxes Payable 16,570 Unearned Revenue 14,568 Total Liabilities 71,009 Common Stock 179,860 Treasury Stock Retained Earnings (88,800) 27,312 Sales Cost of Goods Sold Insurance Expense Wage Expense Amortization Expense Depreciation Expense Interest Expense Interest/Dividend Income Tax Expense Total SH Equity Total Liabilities & SH Equity 118,372 189,381 Net Income December 31, 2023 Balance Sheet 57,000 18,850 24,512 34,000 (12,750) 8,400 9,600 14,769 35,000 189,381 8,721 8,400 7,750 15,000 16,570 14,568 71,009 179,860 (88,800) 27,312 Net Income 118,372 189,381 Change in account balance 2023 Transactions for Pinto Corporation Transaction 1 2 3 Description On 1/2/2023, Pinto paid all the interest that was owed as of 12/31/22. On 1/14/2023, Pinto purchased $9,500 of inventory from a supplier. Pinto paid cash for this purchase plus $4,000 more in cash that was owed to the supplier as of 12/31/2022. 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. 4 On 4/27/2023, Pinto paid $19,000 for treasury stock. 5 On 5/2/2023, Pinto collected the amount owed from the customer in Transaction 3. 6 On 8/17/2023, Pinto paid $13,000 to purchase intangible assets. 7 8 9 The beginning balance sheet shows $8,400 in prepaid insurance paid in 2022. This insurance was "used up" on 9/30/2023. 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.