Paulson Corporation's unadjusted trial balance at December $1,2012,$ is presented

$\backslash$table$[[,$Debit,Credit$],[$Cash$,$$$22,000,],[$Accounts Receivable,$36,800,],[$Notes Receivable,$10,000,],[$Interest Receivable,$-0-,],[$Inventory$,36,200,],[$Prepaid Insurance,$3,600,],[$Land$,20,000,],[$Buildings$,150,000,],[$Equipment$,60,000,],[$Patent$,9,000,],[$Allowance for Doubtful Accounts,,$500],[$Accumulated Depreciation$-$Buildings,,$50,000],[$Accumulated Depreciation$-$Equipment,,$24,000],[$Accounts Payable,,$27,300],[$Salaries and Wages Payable,,$-0-$

The following transactions occurred during December.

Dec. $2$ Paulson purchased equipment for $$16,000,$ plus sales taxes of $$800($all

paid in cash$).$

$2$ Paulson sold for $$3,500$ equipment which originally cost $$5,000.$ Accumulated

depreciation on this equipment at January $1,2012,$ was $$1,800$;

$2012$ depreciation prior to the sale of equipment was $$450.$

$15$ Paulson sold for $$5,000$ on account inventory that cost $$3,500.$

$23$ Salaries and wages of $$6,600$ were paid.

Adjustment data:

$1.$ Paulson estimates that uncollectible accounts receivable at year$-$end are $$4,000.$

$2.$ The note receivable is a one$-$year, $8\%$ note dated April $1,2012.$ No interest has been

recorded.

$3.$ The balance in prepaid insurance represents payment of a $$3,600,6-$month premium

on September $1,2012.$

$4.$ The building is being depreciated using the straight$-$line method over $30$ years. The

salvage value is $$30,000.$

$5.$ The equipment owned prior to this year is being depreciated using the straight$-$line

method over $5$ years. The salvage value is $10\%$ of cost$.$

$6.$ The equipment purchased on December $2,2012,$ is being depreciated using the

straight$-$line method over $5$ years, with a salvage value of $$1,800.$

$7.$ The patent was acquired on January $1,2012,$ and has a useful life of $9$ years from

that date.

$8.$ Unpaid salaries at December $31,2012,$ total $$2,200.$

$9.$ Both the short$-$term and long$-$term notes payable are dated January $1,2012,$ and carry

a $10\%$ interest rate. All interest is payable in the next $12$ months.

$10.$ Income tax expense was $$15,000.$ It was unpaid at December $31.$

Journalize the transactions using NAC.

Prepare BS$,$ CF and IS$.$