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Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash, $669,000; Raw Materials Inventory, $68,000; Work in Process Inventory, $34,000; Finished Goods Inventory, $47,000; Common Stock, $601,000; and Retained Earnings, $217,000. 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 $49.000 for raw materlals that will be used to moke eBook readers. 3. Placed $94,000 of the raw materials cost into the process of manufacturing eBook readers. 4. Paid $64,000 for salaries of selling and administrative employees. 5. Paid $min,000 for wages of production workers. 6. Paid $171,000 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 \$11,000 salvage value and a eightyear life. The amount of depreciation is computed as \{(Cost - salvage )+ useful life) Specifically, (\$171,000 $11,000)+8=$20,000. 8. Paid $177,000 to purchase manufacturing equipment. 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, Year 2. it has a $25,000 saivage value and a eight-year life. The amount of depreciation is computed as ((Cost - salvage) + useful life). Specifically. ($177,000$25,000)+8=$19,000. 10. Poid $56,000 for rent and utility costs on the manufacturing focility. 11. Paid \$72,000 for inventory halding 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 $254,000 from work in process inventory to finished goods. 13. Sold 830 eBook readers for $439,000. 14. It cost Antioch $166.000 to make the eBook readers sold in Event 13, Required: a. Show how these events affect the baiance sheet, income statement, and statement of cash flows by recording them in a horizontal. financiel statements model. c.1. Prepare a schedule of cost of goods manufoctured and sold for the year. c.2. Prepare a formal income statement for the yeaf. c-3. Prepare a baiance sheet for the yeat repare a schedule of cost of goods manufactured and sold for the year. (Amounts to be deducted should be indicated with a ninus sign.) Complete this question by entering your answer in the tabs b Prepare a formal income statement for the year. Complete this question by entering your answer in the ta Prepare a balance sheet for the year. Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash, $669,000; Raw Materials Inventory, $68,000; Work in Process Inventory, $34,000; Finished Goods Inventory, $47,000; Common Stock, $601,000; and Retained Earnings, $217,000. 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 $49.000 for raw materlals that will be used to moke eBook readers. 3. Placed $94,000 of the raw materials cost into the process of manufacturing eBook readers. 4. Paid $64,000 for salaries of selling and administrative employees. 5. Paid $min,000 for wages of production workers. 6. Paid $171,000 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 \$11,000 salvage value and a eightyear life. The amount of depreciation is computed as \{(Cost - salvage )+ useful life) Specifically, (\$171,000 $11,000)+8=$20,000. 8. Paid $177,000 to purchase manufacturing equipment. 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, Year 2. it has a $25,000 saivage value and a eight-year life. The amount of depreciation is computed as ((Cost - salvage) + useful life). Specifically. ($177,000$25,000)+8=$19,000. 10. Poid $56,000 for rent and utility costs on the manufacturing focility. 11. Paid \$72,000 for inventory halding 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 $254,000 from work in process inventory to finished goods. 13. Sold 830 eBook readers for $439,000. 14. It cost Antioch $166.000 to make the eBook readers sold in Event 13, Required: a. Show how these events affect the baiance sheet, income statement, and statement of cash flows by recording them in a horizontal. financiel statements model. c.1. Prepare a schedule of cost of goods manufoctured and sold for the year. c.2. Prepare a formal income statement for the yeaf. c-3. Prepare a baiance sheet for the yeat repare a schedule of cost of goods manufactured and sold for the year. (Amounts to be deducted should be indicated with a ninus sign.) Complete this question by entering your answer in the tabs b Prepare a formal income statement for the year. Complete this question by entering your answer in the ta Prepare a balance sheet for the year
