Oshawa is a retailer that sells a variety of imported glass products. As at September 30, 2014, Oshawa Ltd., trial balance shows the following. Each account has a "normal" debit or credit balance, as the term is defined in the textbook. The Company's fiscal year ends on December 31. Account Balance Accounts Payable $ 87,500 Accounts Receivable $ 63,500 Accumulated Depreciation (Building) $ 100,000 Additional Paid in Capital $ 119,000 Building $ 570,000 Cash $ 56,000 Cost of Goods Sold $ 300,000 Deferred Revenue $ 84,000 Inventory $ 58,400 Office Supplies $ 1,650 Long-term Note Receivable (12%, maturity March 1, 2016) $ 40,000 Retained Earnings - October 1, 2013 $ 192,000 Sales Revenue $ 896,050 Share Capital (10,000 shares outstanding; $0.10 par value) Wages Expense $ 1,000 $ 390,000 During the last quarter the following transactions occurred: Oct 1: Oct 5: Oct 31: Nov 1: Nov 5: Nov 15: Dec 30: Purchased equipment at a cost of $45,000; the company paid one third of the cost in cash and signed a one-year note payable for the remaining balance. The annual interest rate on the note payable is 10%. The equipment has an estimated useful life of 5 years and zero residual value. Received $21,500 from clients on their accounts. Received $15,000 cash from two new investors; each was issued 500 shares. Purchased an insurance policy and made the full cash payment for $24,000 on the same day. The insurance policy would cover the company for two years from November 1. One of the existing shareholder paid $27,500 from his own cash for a vacant lot for his personal use The Company delivered all the merchandise for which customers paid in advance. The cost to the Company was $33,600. Cash dividends of $1.80 per share were declared and will be paid January 10, 2015. Below is additional information available to the Company's accountants on December 31, 2014. a. For 2014, the depreciation expense on the building was $27,000, and the depreciation expense on the new equipment was $9,000 - the Company uses the straight-line depreciation method: $45,000/5 years=$9,000. b. Workers are paid $15,000 at the end of two weeks of work; the next pay-day is January 7, 2015 c. A physical count of the supplies on hand on December 31 indicated that $300 worth of office supplies had not been used. d. A 3-year note receivable was issued on March 1, 2013; it has an interest rate of 12% per year. Interest on the note will be received at maturity. e. The company is subject to an income tax rate of 25%. Income taxes are due March 15, 2015 Required: 1. Prepare the journal entries needed to record the above transactions that occurred in September 2014. If an event does not require a journal entry, please write "No Entry" and explain the reason why. Skip a line between entries, and omit narratives. Round your calculations to the nearest dollar amount. 2. Prepare all the necessary yearly adjusting journal entries as at September 30, 2014. Skip a line between entries, and omit narratives. Round your calculations to the nearest dollar amount. 3. Prepare, in proper form, a multi-step statement of earnings for the year ended December 31, 2014. [25 points] Prepare, in proper form, the Statement of financial position as at December 31, 2014