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1. Selected accounts from Corona Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. 2. Listed below are a few transactions and events of Madison Company. A. Employees earn vacation pay at a rate of one day per month. Madison estimated and must expense $3,360 of accrued vacation benefits for the year. B. During December, Madison Company sold 3,900 units of a product that carries a 60 -day warranty. December sales for this product total $121,000. The company expects 8% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $13. Prepare adjusting entries on December 31 for Madison Company's yearend financial statements for each of the above separate transactions. 3. Jax Company purchased a used machine for $240,000 cash on January 2. On January 3 , Jax paid $8,000 to wire electricity to the machine. Jax paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. A. Prepare journal entries to record the machine's purchase and the costs to prepare it for use. Cash is paid for all costs incurred. B. Prepare journal entries to record depreciation of the machine on December 31