Marin's balance sheet at December 31, 2021. is presented below. Marin Corporation Balance Sheet December 31, 2021 Cash $66.000 $30,250 Inventory 67,650 Accounts payable Interest payable Bonds payable 5,500 110,000 Prepaid insurance 12,320 Equipment 83.600 Common stock 55,000 Retained earnings $28.820 $229,570 $229,570 During 2022, the following transactions occurred. Marin uses a perpetual inventory system. Marin paid $5,500 interest on the bonds on January 1, 2022. Marin purchased $530,420 of inventory on account. 1 2 3. Marin sold for $1,056,000 cash inventory which cost $580,800. Marin also collected $63,360 sales taxes. Question 1 of 1 4/20 E 4. 5. Marin paid $506,000 on accounts payable Marin paid $5.500 interest on the bonds on July 1, 2022 The prepaid insurance ($12,320) expired on July 31. 7 8 9. On August 1. Marin paid $22.440 for insurance coverage from August 1, 2022. through July 31, 2023 Marin paid $37 400 sales taxes to the state. Paid other operating expenses. $200.200. Redeemed the bonds on December 31, 2022. by paying $105,600 plus $5,500 interest Issued $198.000 of 8% bonds on December 31, 2022, at 103. The bonds pay interest every June 30 and December 31. 10. 11. Adjustment data: 1 2 Recorded the insurance expired from item 7. The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a $6.680 salvage value The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount) 3. Prepare an adjusted trial balance at December 31, 2022. (Round answers to decimal places, c. 5.275. Do not list those accounts that have zero ending balance.) MARIN CORPORATION Trial Balance December 31, 2022 Debit Credit Question 1 of 1 4720 ili E . Question 1 of 1 4/20 Totals $ e Textbook and Media List of Accounts Attempts: unlimited Submit Answer Save for Later