Part 1: Adjusting Journal Entries Record the following adjusting entries in general journal form as of December 31, 2021: 1. Supplies on hand at the end of the year: $5,016. 2. Equipment shown on the 12/1 TB was purchased on 1/1/17, has a 7-year life, no salvage value and company uses double-declining balance method for its depreciation. 3. Don't forget to depreciate the new equipment, which is also depreciated using the DDB method! 4. Included in the truck balance is a fully depreciated truck for $6,500 and a new truck valued at $50,000 that was purchased on 1/1/17. The new truck has an 8-year life, no salvage value and the company uses the sum-of-the-years digits for its depreciation method on this asset. 5. The building is depreciated under the straight-line method over 39 years and was placed in service on July 1, 2018. 6. The machinery was purchased on December 1, 2020, has a 5-year useful life, salvage value of $4,000, and is being depreciated under the straight-line method. 7. The patent was purchased on 1/1/2013 for $100,000 and its useful life is 20 years. 8. Included in the Prepaid Insurance Account balance at 12/1 is a $75,000, 12-month insurance policy that was purchased on August 1, 2021. 9. Also included in the 12/1 trial balance (and the 12/31 TB) was an insurance policy that expired on 12/31/21. 10. Declared dividends of $350,000 on December 31.1 11. The fair market value of the short-term investments is $12,500. 12. The total fair value of the Available for Sale Securities is $489,000. 13.2% of Accounts Receivable is estimated to be uncollectible. Company uses the allowance method for estimating its uncollectible accounts. 14. Accrued salaries of $145,000 and accrued payroll taxes of 6.2%. 15. Had issued $2,500,000 of 4%, 10-year bond, dated 1/1/18 for $2,305,133 when the market rate was 5%. Interest is paid on June 30 and January 1 using the effective interest rate method. The June payment is included in the Dec. 1 TB. Extra credit of 5 points if a complete amortization table (all 10 years) is included. Partial extra credit may be awarded. 16. One month has passed since the issuance of restricted stock. 17. Interest on 30 days of short-term note payable, dated 12/2/21 should be accrued. (Assume 360 days in a year for calculation) 18. Income tax rate is 21%