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Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2 Cash, 5664.000 Raw Materials Inventory. $70,000, Work in Process Inventory, $29,000. Finished Goods Inventory. Sst.000, Common Stock, S601000and Retained Earnings. $213.000. Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciaton, assume that all transactions are cash transactions 1. Paid $30,000 of research and development costs. 2. Pald $62.000 for raw materials that will be used to make eBook readers 3 Placed $94.000 of the raw materials cost into the process of manufacturing eBook readers. 4. Pald $65.000 for salaries of selling and administrative employees 5. Paid $95.000 for wages of production workers. 6. Pald $96.000 to purchase equipment used in selling and administrative offices 7. Recognized depreciation on the office equipment. The equipment was acquired on January 1, Year 2 It has a $16,000 salvage value and a eight-year life. The amount of depreciation is computed as Cost - salvage- useful life). Specifically, ($96.000 - $16.000) + 8 - $10,000 8. Pald $112,000 to purchase manufacturing equipment 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, Year 2. It has a $20,000 salvage value and a seven-year life. The amount of depreciation is computed as Cost-salvage useful ifjSpecifically ($112.000 - $28,000) + 7 - $12,000. 10. Paid $65,000 for rent and utility costs on the manufacturing facility 11 Pald 577000 for inventory holding expenses for completed eBook readers frental of warehouse space salanes of warehouse personnel, and other general storage cost 12. Completed and transferred eBook readers that had total cost of $242.000 from work in process inventory to finished goods 13. Sold 990 eBook readers for $440,000 14. It cost Antioch $198,000 to make the eBook readers sold in Event 13 Required: a. Show how these events affect the balance sheet income statement and statement of cash flows by recordng them in a horzontal financial statements model c.1. Prepare a schedule of cost of goods manufactured and sold for the year c-2. Prepare a formal income statement for the year. c-3. Prepare a balance sheet for the year. Complete this question by entering your answer in the tabs below Rega Reqc1 Rece Reg Show how these events affect the balance sheet income statement, and statement of cash flow by recording them in horizontal fancial attement modellery decreases to account balance and coach outfit nur in der har en the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity of an item is not afferted, leave the Show less ANTIOCH COMPANY Talance Sheet Inimes Shoes Equity Cath Flow EVER! No - By Other BV Fm uv Manufacturing Fuent Mates Goods 51.000 Demon Ruined Revenue Enne NA MG Laming 801.000 + 213.000 FI 1 1- 84,000 70.000 Wo Pre - Bmw 22 000 + 1 1. 1. FI + + 1: 1 + 2 3 1. + 1. + . F + 8 1.1 1. 7 1+ - - . 1. 1. - + 0 10 . 11 12 + 12 + 1 13 0.00 04 14 213.000 70.000 51.0001 - 29.000 Tata 04. Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2. Cash, $664.000. Raw Materials Inventory. $70,000; Work in Process Inventory. $29.000; Pnished Goods Inventory, $51,000. Common Stock, 3601,000, and Retained Earnings. $213.000. Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions 1. Paid $30,000 of research and development costs. 2 Paid $62,000 for raw materials that will be used to make eBook readers 3. Placed $94,000 of the raw materials cost into the process of manufacturing eBook readers 4. Pald $65.000 for salaries of selling and administrative employees 5. Paid $95.000 for wages of production workers 6. Pald $96,000 to purchase equipment used in selling and administrative offices 7. Recognized depreciation on the office equipment. The equipment was acquired on January 1 Year 2. It has a $16.000 salvage value and a eight year life. The amount of depreciation is computed as Cost-salvage+ useful fel Specifically. (596,000 - $16,000) + 8 - $10.000. 8. Pald $112.000 to purchase manufacturing equipment 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, Year 2. It has a 528,000 salvage value and a seven-year life. The amount of depreciation is computed as [(Cost-salvage) - useful life) Specifically ($112,000 - $28,000)+7 - $12000 10. Pald $65.000 for rent and utility costs on the manufacturing facility 11. Paid $77.000 for Inventory holding expenses for completed eBook readers trental of warehouse space. salaries of warehouse personnel, and other general storage cost 12. Completed and transferred eBook readers that had total cost of $242.000 from work in process inventory to finished goods. 13. Sold 990 eBook readers for $440,000 14. It cost Antioch $198.000 to make the eBook readers sold in Event 13 Required: a. Show how these events affect the balance sheet, Income statement, and statement of cash flows by recording them in a horizontal Tinancial statements model c-1. Prepare a schedule of cost of goods manufactured and sold for the year c-2. Prepare a formal income statement for the year C-3. Prepare a balance sheet for the year Complete this question by entering your answer in the tabs below. Reg A Raci Req c2 Resca Prepare a schedule al coat of goods manufactured and sold for the year (Amount to be deducted should be indicated with minus sign.) ANTIOCH COMPANY che cost arods Mandard For the Yew Chat Dumber Year Beginning raw material Inventory Purchases Ramalarials available Ending raw materials inventory Raw materials used Labor Overhead Total manutachuring costs Beginning work in process inventory Total work in process inventory Ending work in progre inventary Cost of goods manufactured Beginning finished goods inventory Goods available 0 Enging finished goods inventory Cost of guods sold 5 Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash. $664.000 Raw Materials Inventory. $70,000: Work In Process Inventory. $29,000, Finished Goods Inventory S51,000: Common Stock. $601,000; and Retained Earnings. $213,000 Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions 1. Pald $30,000 of research and development costs. 2 Paid $62,000 for raw materials that will be used to make eBook readers. 3. Placed $94.000 of the raw materials cost into the process of manufacturing eBook readers. 4. Pald $65,000 for salaries of selling and administrative employees 5. Pald $95.000 for wages of production workers. 6. Paid $96,000 to purchase equipment used in selling and administrative offices. 7. Recognized depreciation on the office equipment. The equipment was acquired on January 1 Year 2 It has a $16,000 salvage value and a eight-year life. The amount of depreciation is computed as [(Cost - salvage) + useful life] Specifically. ($96.000 - $16.000) + 8 - $10,000. 8. Pald $112,000 to purchase manufacturing equipment 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, Year 2 It has a $28,000 salvage value and a seven-year life. The amount of depreciation is computed as (Cost-salvage) + useful life]. Specifically ($112,000 - $28.000) + 7 = $12,000 10. Pald $65.000 for rent and utility costs on the manufacturing facility 11. Pald $77,000 for Inventory holding expenses for completed eBook readers (rental of warehouse space, salaries of warehouse personnel, and other general storage cost). 12 Completed and transferred eBook readers that had total cost of $242,000 from work in process inventory to finished goods 13. Sold 990 eBook readers for $440,000. 14. It cost Antioch $198,000 to make the eBook readers sold in Event 13 Required: 8. Show how these events affect the balance sheet, Income statement, and statement of cash flows by recording them in a horizontal financial statements model: 6-1. Prepare a schedule of cost of goods manufactured and sold for the year. c-2. Prepare a formal income statement for the year. C-3. Prepare a balance sheet for the year. Complete this question by entering your answer in the tabs below. Red A Reg C1 Reg 2 Reg C3 Prepare a formal income statement for the year ANTIOCH COMPANY Income Statement For the Year Ended December 31 Year 2 Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2. Cash, S664.000, Row Materials inventory. $70,000. Work in Process inventory. $29,000Finished Goods Inventory. $51.000, Common Stock. 5601,000, and Retained Earnings. $213,000. Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. 1. Pald $30,000 of research and development costs 2. Pald $62000 for raw materials that will be used to make eBook readers 3. Placed $94.000 of the raw materials cost into the process of manufacturing eBook readers 4. Paid $65,000 for salaries of selling and administrative employees 5. Paid $95,000 for wages of production workers 6. Paid $96,000 to purchase equipment used in selling and administrative offices. 7 Recognized depreciation on the office equipment. The equipment was acquired on January 1, Year 2 It has a $16,00D Salvage value and a eight-year life. The amount of depreciation is computed as (Cost-salvage) + useful life). Specifically. (596,000 - $16,000) + 8 = $10.000 8. Pald $112.000 to purchase manufacturing equipment 9 Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, Year 2. It has a $28.000 salvage value and a seven-year life. The amount of depreciation is computed as [(Cost-Salvage) + useful life] Specifically, ($112.000-$28,000) - 7 - $12,000. 10. Pald $65.000 for rent and utility costs on the manufacturing facility 11. Pald $77,000 for Inventory holding expenses for completed eBook readers (rental of warehouse space. salaries of warehouse personnel, and other general storage cost). 12. Completed and transferred eBook readers that had total cost of $242,000 from work in process Inventory to finished goods 13. Sold 990 eBook readers for $440,000 14. It cost Antioch $198,000 to make the eBook readers sold in Event 13. Required: a. Show how these events affect the balance sheet Income statement, and statement of cash flows by recording them in a horizontal financial statements model C-1. Prepare a schedule of cost of goods manufactured and sold for the year c-2. Prepare a formal income statement for the year. c-3. Prepare a balance sheet for the year. Complete this question by entering your answer in the tabs below. Req A Reg Ci Reg C2 Reg C3 Preparo a balance sheet for the year. ANTIOCH COMPANY Balance inset Asuf Deceber 31 Year 2 Assets Total assets Stockholders' Equity Total stockholders equity $ ( ReqC2