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please help Debit Credit 180,000 Accounts payable 3,350,000 Accounts receivable 394,000 Administration expenses 150,000 Allowance for doubtful accounts Bonds payable 5% - due in 10

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Debit Credit 180,000 Accounts payable 3,350,000 Accounts receivable 394,000 Administration expenses 150,000 Allowance for doubtful accounts Bonds payable 5% - due in 10 years; issued 6-30-20 500,000 Buildings & land - net (land cost $50,000) 920,000 80,000 Cash Common stock, $1. par 300,000 Deferred revenue - due 2-1-2021 5,000 Inventories 1-1-20 300,000 Investments 50,000 Land Machinery- purchased 2015 estimated life 10-yrs 500,000 Notes payable 12% 100,000 Notes receivable 10%, 60,000 Patent - net 50,000 PIC common stock 970,000 Prepaid expenses 35,000 Purchases 6,100,000 Retained earnings 1,344,000 Salaries payable 40,000 Sales 8,850,000 Sales expenses 500,000 Treasury stock 100,000 Interest expense 12,439,000 12,439,000 Note: . 1.12/31/20 Merchandise inventory 350,000 2. The note payable was issued 1/1/20; interest rate 12% 3. The note receivable was received 6/30/20; interest rate 10% Instructions: 1. Make any necesssary year- end adjustments 2. Prepare a Worksheet as of December 31, 2020 3. Prepare a classified balance sheet as of 12-31-2020 4. Prepare an income statement for calendar year 2020 5. The buildings, constructed in year 2015 , are estimated to have a 20 year life and depreciation expense has not been recorded. 6. The machinery was purchased in 2015 and is expected to have a 10 year life. Depreciation expense has not been recorded. 7. Your submission must be in excel formatted for one page with gridlines. Obviously, the worksheet, balance sheet, and income statement will be on separate pages

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