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On January 1, 2021, the general ledger of Parts Unlimited Included the following account balances. Accounts Tille Cash Accounts Receivable Inventory Land Equipment Accumulated depreciation Accounts Payable Common stock Retained Earnings Totals Debit Credit $162,480 12,400 37,800 340,000 347,500 $172,000 14,888 528,888 193,300 $980,100 $980, 100 From January 1 to December 31, the following summary transactions occurred: a. Purchased Inventory on account. $325.800. b. Sold Inventory on account. $567,200. The Inventory cost $342600. c Received cash from customers on account, $558,700. d. Pald cash on account $328,500. e Pald cash for salaries, 594700, and for utilities, $52,700. In addition, Parts Unlimited had the following transactions during the year: April 1 Purchased equipment for $95,600 using a note payable, due in 12 months plus 8x interest. The company also pald cash of $3,288 For Freight and $3,808 For installation and testing of the equipment. The equipment has an estimated residual value of $10,eee and a ten-year service life. June 30 Purchased a patent for 549,000 from a third-party marketing company related to the packaging of the company's products. The patent has a 20-year useful life, after which it is expected to have no value. October 1 Sold equipment for $39, 280. The equipment' COST 360,700 and had accumulated depreciation of $37, 488 at the beginning of the year. Additional depreciation for 2021 up to the point of the sale is $8,500. (Hint: Total accumulated depreciation equals the amount at the beginning of the year plus the amount recorded for the current year.) November 15 Several older pieces of equipment were improved by replacing major components al a cost of $54,100. These improvements are expected to enhance the equipment's operaling capabilities. [Record this transaction using Alternative 2- capitalization of new cost. ) Year-end adjusting entles: a. Depreciation on the equipment purchased on April 1, 2021, calculated using the straight-line method. b. Depreciation on the remaining equipment, $21,500. Slayt In addition Parts Unlimited had the following transactions during the year. April 1 Purchased equipment for $95,000 using a note payable, due in 12 months plus 8% interest. The company also paid cash of $3,200 for freight and $3,800 for installation and testing of the equipment. The equipment has an estimated residual value of $10,000 and a ten-year service life. June 30 Purchased a patent for $40,000 from a third-party marketing company related to the packaging of the company's products. The patent has a 20-year useful life, after which it is expected to have no value. October 1 Sold equipment for $30, 200. The equipment cost $60,780 and had accumulated depreciation of $37,409 at the beginning of the year. Additional depreciation for 2021 up to the point of the sale is $8,588. (Hint: Total accumulated depreciation equals the amount at the beginning of the year plus the amount recorded for the current year.) November 15 Several older pieces of equipment were improved by replacing major components at a cost of $54,109. These improvements are expected to enhance the equipment's operating capabilities. [Record this transaction using Alternative 2- capitalization of new cost. ) Year end adjusting entries: a Depreciation on the equipment purchased on April 1, 2021, calculated using the stralght-line method. b. Depreciation on the remaining equipment. $21,500. C Amortization of the patent purchased on June 30, 2021, using the straight-ine method. d Accrued Interest payable on the note payable. e Equipment with an original cost of $65,400 had the following related Information at the end of the year. accumulated depreciation of $40,300, expected cash flows of $15,700, and a falr value of $10.800. f Accrued Income taxes at the end of the year are $12,600. & Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No joumal entry required" in the first account field.) No Date General Journal Debit Credit 1 Jan 01 Inventory 325,800 & Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) No Dahe General Joumal Debit Credit 1 Jan 01 Inventory Accounts payable 325,800 325,800 2 Jan 01 Accounts receivable Sales revenue 567 200 olo 567 200 3 Jan 01 342.600 Cost of goods sold Inventory O 342,600 4 Jan 01 558,700 Cash Accounts receivable olo 558.700 5 Jan 01 328.500 Accounts payable Cash 328.600 6 Jan 01 Salaries expense 94,700 52.700 Utilities Expense Oo Cash 147.400 Apr 01 102,000 Equipment Notes payable Cach 95.000 7 000 Preu 4 5 102,000 Notes payable Cash 95,000 7.000 8 Jun 30 Patent 40,000 Cash 40,000 9 Oct 01 8,500 Depreciation expense Accumulated depreciation OO 8,500 o 10 Oct 01 30,200 45,900 Cash Accumulated depreciation Equipment Gain on sale of equipment OOOO co 60,700 15,400 11 Nov 15 54,100 . Equipment Cash 54,100 12 Dec 31 6.900 Depreciation expense Accumulated depreciation 6.900 21.500 13 Dec 31 Depreciation expense Accumulated depreciation Oo 21,500 1.000 14 Dec 31 Amorization expense Patent OO 1,000 5,700 15 Dec 31 Interest expense Interest payable 5.700 15 Dec 31 Interest expense Interest payable 5,700 OO 5,700 18 Dec 31 Loss on impairment Accumulated depreciation Equipment 14,300 40,300 54,800 17 Dec 31 12,600 Income tax expense Income taxes payable CO 12,600 18 Dec 31 567 200 Sales revenue Inventory 567 200 19 Dec 31 X 94.700X Miscellaneous expense Utilities expense Depreciation expense Amortization expense Interest expense Income tax expense 52.700 21-500 1,000 5.700 12.600 204 276 Cash REDES Gusa Ledger >