Larkspur, Corporation's balance sheet at December 31, 2021, is presented as follows. LARKSPUR, CORPORATION Balance Sheet December 31, 2021 Cash $22.400 $26,300 Accounts receivable 46,200 Accounts payable Common stock ($10 par) Retained earnings 75.000 Allowance for doubtful accounts (1.500) 129,300 Supplies 4.800 Land 39,300 Buildings 141.200 Accumulated depreciation-buildings (21,800 $230,600 $230,600 During 2022, the following transactions occurred. 1. 2. On January 1, 2022. Larkspur, issued 1.300 shares of $40 par. 7% preferred stock for $53,300. On January 1, 2022, Larkspur, also issued 900 shares of the $10 par value common stock for $21,900. Larkspur, performed services for $304,000 on account. On April 1, 2022, Larkspur collected fees of $32,800 in advance for services to be performed from April 1, 2022, to March 31, 2023. 3. 4. 5. 6. 7. 8. Larkspur collected $267,300 from customers on account. Larkspur, bought $35,400 of supplies on account. Larkspur, paid $30,300 on accounts payable. Larkspur, reacquired 300 shares of its common stock on June 1, 2022, for $28 per share. Paid other operating expenses of $187,900. On December 31, 2022, Larkspur,declared the annual preferred stock dividend and a $1.10 per share dividend on the outstanding common stock, all payable on January 15, 2023. An account receivable of $1,600 which originated in 2021 is written off as uncollectible. . 9. 10. 11. Adjustment data: 1. 2. 3. A count of supplies indicates that $5,800 of supplies remain unused at year-end. Recorded revenue from item 4 above. The allowance for doubtful accounts should have a balance of $3.900 at year end. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10.400. The income tax rate is 30%. (Hint: Prepare the income statement up to income before income taxes and multiply by 30% to compute the amount.) 4 a 5. . Prepare journal entries for the transactions listed above. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit 1. 53900 Preferred Stock 52000 Pald-in Capital In Excess of Per-Preferred Stock 1300 2. 21900 Common Stock 9000 ANTAI Pald-in Capital In Excess of Per-Common Stock 12900 3. Accounts Receivable 304000 Service Revenue 304000 4. 32800 Unearned Service Revenue 32900 5. 267200 Accounts Receivable 267900 6. Supplies 35400 Accounts Payable 35400 7. Accounts Payable 30300 30900 B. ortadana delle Treasury Stock 3400 3400 9. Other Operating Expenses 187900 Tanner API 187900 10. Ceah Dividends 12550 Dividenda Payable 1255C 11. Allowance for Doubtful Accounts 1600 Accounts Receivable 1600 e Textbook and Media Assistance Used Precer.conch. Decembar 2012 Catenander of liquidity at Property Plant and Festination of tara and eating) LARKSPUR,CORPORATION Balance Sheet A Liabilities and Stackholders' Equity > > > > >> > > Tekan Media Lot Act Lawrence