Marmidan Mold Shop Inc. designs and builds molds for the automotive and aircraft industries. The account balances in the companys general ledger on January 1, 2020 (first day of the new annual fiscal year) were as follows (all account balances are in their normal position):

Cash $ 3,700

Accounts receivable 5,900

Supplies inventory 29,300

Land 168,500

Buildings 116,500

Accumulated depreciation, buildings 37,500

Equipment 58,500

Accumulated depreciation, equipment 18,000

Accounts payable 25,200

Income tax payable 16,600

Interest payable 4,200

Wages payable (due in 2020) 15,700

9% Notes payable ($10,000 due June 30, 2021,

balance due June 30, 2022) 61,500

Common shares 151,500

Retained earnings, Dec. 31, 2019 52,200

Transactions during 2020:

1.The company provided sales services on credit to customers for $ 210,300. In addition, the company generated cash (non-credit) sales to customers of $ 62,300.

2.Accounts receivable from customers of $ 15,600 remain to be collected at December 31, 2020.

3.Inventory of $ 62,900 was purchased from suppliers on credit and debited to the supplies inventory account.

4.Minor parts were purchased with cash for $ 7,400 and debited to the supplies inventory account.

5.Wages payable at the beginning of 2020 were paid early in 2020. In addition, wages were earned by employees and paid during 2020 in the amount of $ 112,000.

6.Income tax payable at the beginning of 2020 was paid early in 2020.

7.Payments of $ 73,000 were made to creditors in 2020 for supplies previously purchased on credit.

8.One years interest at 9% for the 12 months ended June 30, 2020 was paid on the notes payable on July 1, 2020.

9. During 2020, Don Tallint, the principal shareholder, purchased a new car for his wife

Debbie. The new car cost $ 45,000 and was paid for with cash from personal sources.

10.Property taxes were paid on the land and buildings in the amount of $ 17,000 with cash.

11.Dividends were declared and paid in caah in the amount of $ 7,200.

Information available for year end adjusting entries:

12.Supplies inventory was counted on December 31, 2020 and it was determined the supplies inventory still on hand at yearend was $ 31,900.

13. Annual depreciation on the buildings is $ 6,000.

14.Annual deprecation on the equipment is $ 5,500

15 Additional wages of $4,000 were earned but are unpaid and unrecorded at December 31, 2020.

16Interest for six months at 9% per year on the notes payable is unpaid and unrecorded at December 31, 2020..

17Income taxes of $ 16,500 on the companys profit for 2020 were unpaid and unrecorded at December 31, 2020.

Required-------------

(1). Prepare any necessary adjusting journal entries fpr items 11 to 17 above and record the adjusting journal entries in the T accounts while adding any new T accounts that you need as you complete this task.

(2). Prepare a single step income statement for Marmidan Mold Shop Inc. for the year ended December 31, 2020 from your T accounts.