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Ultron Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2022, the following were the account balances of Ultron Corporation: Cash Accounts Receivable Inventory (750 units) Van Furniture & Fixtures Debits 75750 30000 142500 67500 22500 Allowance for Doubtful Accounts Accumulated Depreciation (Van) Accumulated Depreciation (Furniture & Fixtures) Accounts Payable Common Shares Retained Earnings Total Credits Credits 4500 60000 7500 18750 30000 217500 338250 Total Debits 338250 During May 2022, the following transactions took place: May 1: Bought 285 desktop printers for $285 each on account. May 1: Bought a van, paying $15750 cash as a down payment and signed a 10 month $60000, 9% note payable for the balance. The company paid $750 to have its company logo painted on the side of the van. The residual value is $6000. The old van was sold for $8250; it cost $67500 and acculumated depreciation up to the date of disposal was $60000. May 10: Sold 255 printers to Mysterio Inc. on account. May 12: S.H.E.I.L.D Corporation agreed to sign a 90-day note receivable to replace a $2250 accounts receivable due that day. The interest rate on the note is 8.25% May 20: Sold 18 printers to Scarlet Witch Inc. using a VISA card to pay for the transaction. A 3.75% service fee is charged by VISA. May 22: Sold 90 printers to T'Challa Public School on account. May 24: Returned for credit 11 damaged printers from Mysterio Inc., costing $240 each. May 28: Received payment in full from Mysterio Inc. for tha balance owing. May 28: Wrote off as uncollectable $6375 of accounts receivable. May 29: Paid accounts payable, $15750. May 30: Recovered an accounts receivable that was written off in April, $975. May 31: Paid operating expenses totalling $68250. May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 8 years. The furniture & fixtures are depreciated using the straight-line method over 9 years. There is no residual value on the furniture and fixtures. May 31: Recorded interest on the note payable. May 31: Recorded interest on the notes receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Accounts Receivable $40500 $16500 $3750 Estinated Percentage Uncollectable 1.5% 6% 18% 90+ days $1125 37.5% Other Information: 1) The selling price for each of the printers is $675. 2) Ultron Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Ultron Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Returns, Sales Revenue. Not all accounts have been used each period. Required: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2022. Place your answer under "Requirement 1 in the "Answer" tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 2) Prepare an adjusted trial balance as at May 31, 2022. Place your answer under "Requirement 2" in the "Answer" tab. Place your account titles in column H, debits in column I and credits in column J. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 3) Prepare the multi-step Income Statement for the month of May 2022. Ignore income taxes. Place your answer under "Requirement 3" in the "Answer" tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 4) Prepare a classified Balance Sheet at at May 31, 2022. Place your answer under "Requirement 4" in the "Answer" tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 5) Assume Ultron Corporation overstated its ending inventory by $1500. How does this affect cost of goods sold, gross profit, and net income in the year it was discovered? If the error is undetected, what is the impact on cost of goods sold, gross profit, and net income for the following year. Place your answer under "Requirement 5* in the "Answer" tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Ultron Corporation used the LCNRV to report inventory on the balance sheet. The NRV of $675 is less than the FIFO cost. Prepare the journal entry. Place your answer under "Requirement 6" in the "Answer" tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. Enter your solution to each requirement in ita specified in Requirement Mayt May 10 May 12 May 22 May 22 May 24 May 20 May 22 May 30 May 31 Requirement 2: Requirement 3: Requirement : Requirement 5: Current Year: Affect (select from drop down menu) Amount (type in your answer) Account Cost of Goods Sold Gross Profit Net Income Following Year: Affect (select from drop down menu) Amount (type in your answer) Account Cost of Goods Sold Gross Profit Net Income Requirement 6