Mackenzie Corp. is preparing the December 31, 2020, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability Income tax expense Mortgage payable, 5% $ 6,540 120-day note payable, AX 127,600 Unearned revenues 462,000 Warranty expense $ 88,000 304,000 7,200 es Additional information: a. $11,600 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $134,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $148,000 given similar cases in the industry. c. During December, Mackenzie had sales of $718,000. 5% of sales typically require warranty work equal to 20% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $112.300 of the Unearned Revenues remain unearned at December 31, 2020. f. The 120-day note payable was dated November 15, 2020. Required: 1. Prepare any required adjusting entries at December 31, 2020, for each of the above. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.) Required: 1. Prepare any required adjusting entries at December 31, 2020, for each of the above. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the accrual of income tax payable. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit View general journal Record entry Clear entry Required: 1. Prepare any required adjusting entries at December 31, 2020, for each of the above. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the accrual of provisional loss against lawsuit. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal Required: 1. Prepare any required adjusting entries at December 31, 2020, for each of the above. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the accrual of warranty liability. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal Required: 1. Prepare any required adjusting entries at December 31, 2020, for each of the above. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the accrual of interest on mortgage Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal Required: 1. Prepare any required adjusting entries at December 31, 2020, for each of the above. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the recognized earned portion of unearned fees. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal Required: 1. Prepare any required adjusting entries at December 31, 2020, for each of the above. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the accrual of Interest on note payable. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal 2. Determine the adjusted amounts for total liabilities and profit assuming these were $948,000 and $628,000, respectively, prior to preparing the adjustments in (a) to (f) above. (Round intermediate calculations and the final answers to 2 decimal places.) Total liabilities Profit Analysis Component: What is the effect on the income statement and balance sheet if the above entries are not recorded? (Enter all value as positive values. Round intermediate calculations and the final answers to 2 decimal places.) Liabilities Profit