Oriole Corporations balance sheet at December 31, 2021, is presented below. ORIOLE CORPORATION Balance Sheet December 31, 2021 Cash $30,300 Accounts payable $13,000 Inventory 25,600 Interest payable 2,400 Prepaid insurance 5,600 Bonds payable 48,000 Equipment 43,700 Common stock 18,700 Retained earnings 23,100 $105,200 $105,200 During 2022, the following transactions occurred. Oriole uses a perpetual inventory system. 1. Oriole paid $2,400 interest on the bonds on January 1, 2022. 2. Oriole purchased $243,500 of inventory on account. 3. Oriole sold for $449,000 cash inventory which cost $250,700. Oriole also collected $26,940 sales taxes. 4. Oriole paid $232,000 on accounts payable. 5. Oriole paid $2,400 interest on the bonds on July 1, 2022. 6. The prepaid insurance ($5,600) expired on July 31. 7. On August 1, Oriole paid $12,000 for insurance coverage from August 1, 2022, through July 31, 2023. 8. Oriole paid $22,500 sales taxes to the state. 9. Paid other operating expenses, $92,100. 10. Redeemed the bonds on December 31, 2022, by paying $46,080 plus $2,400 interest. 11. Issued $87,000 of 8% bonds on December 31, 2022, at 103. The bonds pay interest every June 30 and December 31. Adjustment data: 1. Recorded the insurance expired from item 7. 2. The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a $3,200 salvage value. 3. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.)

Below are the adjustments:

*Please find the trial balance using the info from above:

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