On June 1, Skysong, Inc. borrows $97,500 from First Bank on a 6-month, $97,500, 8% note. (a) Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 (b) Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 30 (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 1 (d) What was the total financing cost interest expense)? Total financing costs Suppose the following financial data were reported by 3M Company for 2018 and 2019 (dollars in millions). 2018 3M Company Balance Sheets (partial) 2019 Current assets Cash and cash equivalents $ 3,026 Accounts receivable, net 3,240 Inventories 2,687 Other current assets 1,844 Total current assets $10,797 Current liabilities $ 4,946 $1,867 3,060 3,002 1,512 $9,441 $5,881 Calculate the current ratio and working capital for 3M for 2018 and 2019. (Round current ratio to 2 decimal places, e.g. 1.25 : 1.) Current ratio 2018 2019 Working capital 2018 million 2019 million (b) Suppose that at the end of 2019, 3M management used $210 million cash to pay off $210 million of accounts payable. How would its current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 1.25 : 1.) Current ratio Working capital million On January 1, 2019, the ledger of Swifty Corporation contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $55,600 8,000 16,900 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2018 ($8,000). 20 Sold 1,000 units of a new product on credit at $50 per unit, plus 8% sales tax. 21 Borrowed $31,500 from Girard Bank on a 3-month, 8%, $31,500 note. 25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes. Journalize the January transactions. (Credit account tities are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation May 1, 2019 Problem 10-4A (Part Level Submission) Windsor, Inc. sold $6,000,000, 11%, 15-year bonds on January 1, 2019. The bonds were dated January 1, 2019, and paid interest on January 1. The bonds were sold at 98. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2019