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Mann Co. is a retailing business operating in the southeastern US. Mann's fiscal year-end is December 31, and it prepares financial statements just once a year, at year-end. The company has already recorded most of its transaction and adjusting entries for the year ended December 31, 2020. The resulting trial balance follows: Credit Debit $ 138,258 576,317 11,631 293,452 214,722 137.210 759,400 $ 189,850 461,000 532,180 133,045 42,528 Account Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Land Buildings Accumulated Depreciation - Buildings Construction in Progress Equipment Accumulated Depreciation - Equipment Notes Receivable Discount on Notes Receivable Accounts Payable Notes Payable Common Stock ($5 par Retained Earnings Dividends Sales Revenue Advertising Expense Cost of Goods Sold Interest Expense Rent Expense Repair and Maintenance Expense Salaries and Wages Expense Utilities Expense 10,084 323,093 716,539 161,640 681,568 90,780 5.423.868 203,823 3,079,374 21,689 68,917 54.278 803.492 150,636 57.639.687 87.639.687 Mann has not yet recorded certain transactions and adjustments, and these omitted items are the focus of this assignment. Information pertaining to the omitted transactions and adjustments follows: Omitted Transactions Ti. Mann purchased equipment on December 31, 2020. The company gave a down payment of $4,695 and signed a 5-year promissory note for the balance due. The note requires Mann to make annual payments of S7,126 with the first payment due on December 31, 2021. The prevailing market rate of interest for comparable notes is 6%. T2 On December 31, 2020, Mann engaged in an exchange of buildings with ABC Co. The following information pertains to the building each company owned immediately before the exchange: Building cost Accumulated depreciation Fair value Mann Co. $161.000 29,800 114.260 ABC Co. S205,000 121,300 104,545 In addition, Mann received 89,715 cash from ABC. Assume the exchange of buildings has commercial substance. T3. On December 31, 2020, Mann engaged in a second exchange of buildings, this one with XYZ Co. The following information pertains to the building each company owned immediately before the exchange: Mann Co. XYZ Co. Building cost $278,000 $243,000 Accumulated depreciation 139.400 79.700 Fair value 172.250 148.824 In addition, Mann received $23,426 cash from XYZ. Assume this exchange of buildings lacks commercial substance. Omitted Adjustments AI The Notes Payable balance of $716,539 results from two loans the company has taken. On April 1, 2019. Mann took a 4-year, 6%, 5521,539 loan. The interest on this loan is payable annually, on cach March 31. Also, on February 1, 2020, Mann took a 1-year, 8%, $195,000 construction loan (see A9 below). The interest on the construction loan is payable on the loan's maturity date, January 31, 2021. (Note - Mann already recorded the interest paid on these loans in 2020. For this adjustment, consider any accrued interest on the loans at the December 31, 2020 reporting date.) On January 1, 2020, Mann purchased an 18-month insurance policy for $214,722 and paid the full cost of the policy in advance. The policy provides coverage through June 30, 2021 A2. A3 . On January 1, 2020, Mann received a promissory note from a customer as consideration in an inventory sale transaction Mann recorded the sale, but it has not yet recorded the interest earned on the note during 2020. The note is noninterest-bearing, and it calls for the customer to pay the $42,528 face value on the December 31, 2023 maturity date. The relevant market rate of interest on the issue date was 7%. Mann uses the dollar-value LIFO cost method for inventory reporting purposes. Mann adopted this method on December 31, 2019. The following information pertains to the company's inventory at year-ends 2019 and 2020: A4. Date December 31, 2019 December 31, 2020 Inventory at Year-End Prices S255,739 S293.452 Relevant Price Index 100 108 Mann uses perpetual FIFO for day-to-day bookkeeping purposes and then converts its accounts to the dollar-value LIFO cost method at reporting dates. Give the FIFO-to-LIFO conversion entry required at December 31, 2020. (Assume there was no difference in the FIFO and LIFO amounts at year-end 2019.) Once the company determines the Inventory balance under the new method (LIFO), it must consider the need for an inventory write-down. Mann applies the write-down procedure to the inventory as a whole. Information concerning the company's December 31, 2020 inventory follows: AS. Net realizable value Normal profit margin Replacement cost 260,583 29.216 293,452 A6. Mann purchased its buildings in 2010 and its equipment in 2017. Mann uses the straight- line depreciation method. For the buildings, the company uses an estimated life of 40 years and no salvage value. For the equipment, it uses an estimated life of 10 years and no salvage value. (Note - For the 2020 depreciation calculations, ignore the new fixed assets Mann acquired on December 31, 2020 - the new buildings and equipment received in T1, T2 and T3. Do consider the old buildings Mann gave in T2 and T3, though, as the company used these assets for the full year. You should assume that Mann computed the 2020 depreciation on them for TI and T2, but has not yet recorded the amounts.) On September 20, 2020, Mann paid $116,928 for ads to run evenly over an 8-month period, starting October 1, 2020. Mann's bookkeeper recorded the prepayment into the Advertising Expense account. Give the adjusting entry needed when a company uses an expense approach to record a payment in advance. Mann estimates that 12.35% of the 2020 year-end Accounts Receivable balance will not be collected A7. A8 A9. On January 1, 2020, Mann hired a contractor to construct a new office building. The construction work commenced on February 1, 2020, and it is expected to continue through July 31, 2021, the estimated completion date. Mann made progress payments to the contractor in 2020 as follows: Amount Date February 1 April 1 August 1 November 1 $ 25,000 206,000 148,000 82,000 $461.000 As stated in Al above, Mann took a 1-year, 8%, $195,000 construction loan to help fund the work on this project. The company also has a 4-year, 6%, $521,539 loan that is not related to the construction project. Give the adjusting entry needed at December 31, 2020 to record the capitalization of interest for this project. The company's income tax rate for the year is 25%. A10. - Instructions - Complete the following three tasks relating to Mann Co.'s accounting process at year-end 2020: (b) Prepare the journal entries to record the omitted transactions (T1 through T3). Prepare the journal entries to record the omitted adjustments (A1 through A10). Prepare the resulting adjusted trial balance as of December 31, 2020. List the accounts in an appropriate trial balance order. Please observe the following checklist of instructions as you complete this assignment: Prepare your journal entries and supporting calculations using Excel. Give careful attention to your formatting of information. Formatting includes effective presentation of information, correct spelling and capitalization, and proper use of dollar signs, commas, and underscoring. Refer to examples in the text for guidance. Round all dollar amounts you present in your journal entries to the nearest dollar. O Mann Co. is a retailing business operating in the southeastern US. Mann's fiscal year-end is December 31, and it prepares financial statements just once a year, at year-end. The company has already recorded most of its transaction and adjusting entries for the year ended December 31, 2020. The resulting trial balance follows: Credit Debit $ 138,258 576,317 11,631 293,452 214,722 137.210 759,400 $ 189,850 461,000 532,180 133,045 42,528 Account Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Land Buildings Accumulated Depreciation - Buildings Construction in Progress Equipment Accumulated Depreciation - Equipment Notes Receivable Discount on Notes Receivable Accounts Payable Notes Payable Common Stock ($5 par Retained Earnings Dividends Sales Revenue Advertising Expense Cost of Goods Sold Interest Expense Rent Expense Repair and Maintenance Expense Salaries and Wages Expense Utilities Expense 10,084 323,093 716,539 161,640 681,568 90,780 5.423.868 203,823 3,079,374 21,689 68,917 54.278 803.492 150,636 57.639.687 87.639.687 Mann has not yet recorded certain transactions and adjustments, and these omitted items are the focus of this assignment. Information pertaining to the omitted transactions and adjustments follows: Omitted Transactions Ti. Mann purchased equipment on December 31, 2020. The company gave a down payment of $4,695 and signed a 5-year promissory note for the balance due. The note requires Mann to make annual payments of S7,126 with the first payment due on December 31, 2021. The prevailing market rate of interest for comparable notes is 6%. T2 On December 31, 2020, Mann engaged in an exchange of buildings with ABC Co. The following information pertains to the building each company owned immediately before the exchange: Building cost Accumulated depreciation Fair value Mann Co. $161.000 29,800 114.260 ABC Co. S205,000 121,300 104,545 In addition, Mann received 89,715 cash from ABC. Assume the exchange of buildings has commercial substance. T3. On December 31, 2020, Mann engaged in a second exchange of buildings, this one with XYZ Co. The following information pertains to the building each company owned immediately before the exchange: Mann Co. XYZ Co. Building cost $278,000 $243,000 Accumulated depreciation 139.400 79.700 Fair value 172.250 148.824 In addition, Mann received $23,426 cash from XYZ. Assume this exchange of buildings lacks commercial substance. Omitted Adjustments AI The Notes Payable balance of $716,539 results from two loans the company has taken. On April 1, 2019. Mann took a 4-year, 6%, 5521,539 loan. The interest on this loan is payable annually, on cach March 31. Also, on February 1, 2020, Mann took a 1-year, 8%, $195,000 construction loan (see A9 below). The interest on the construction loan is payable on the loan's maturity date, January 31, 2021. (Note - Mann already recorded the interest paid on these loans in 2020. For this adjustment, consider any accrued interest on the loans at the December 31, 2020 reporting date.) On January 1, 2020, Mann purchased an 18-month insurance policy for $214,722 and paid the full cost of the policy in advance. The policy provides coverage through June 30, 2021 A2. A3 . On January 1, 2020, Mann received a promissory note from a customer as consideration in an inventory sale transaction Mann recorded the sale, but it has not yet recorded the interest earned on the note during 2020. The note is noninterest-bearing, and it calls for the customer to pay the $42,528 face value on the December 31, 2023 maturity date. The relevant market rate of interest on the issue date was 7%. Mann uses the dollar-value LIFO cost method for inventory reporting purposes. Mann adopted this method on December 31, 2019. The following information pertains to the company's inventory at year-ends 2019 and 2020: A4. Date December 31, 2019 December 31, 2020 Inventory at Year-End Prices S255,739 S293.452 Relevant Price Index 100 108 Mann uses perpetual FIFO for day-to-day bookkeeping purposes and then converts its accounts to the dollar-value LIFO cost method at reporting dates. Give the FIFO-to-LIFO conversion entry required at December 31, 2020. (Assume there was no difference in the FIFO and LIFO amounts at year-end 2019.) Once the company determines the Inventory balance under the new method (LIFO), it must consider the need for an inventory write-down. Mann applies the write-down procedure to the inventory as a whole. Information concerning the company's December 31, 2020 inventory follows: AS. Net realizable value Normal profit margin Replacement cost 260,583 29.216 293,452 A6. Mann purchased its buildings in 2010 and its equipment in 2017. Mann uses the straight- line depreciation method. For the buildings, the company uses an estimated life of 40 years and no salvage value. For the equipment, it uses an estimated life of 10 years and no salvage value. (Note - For the 2020 depreciation calculations, ignore the new fixed assets Mann acquired on December 31, 2020 - the new buildings and equipment received in T1, T2 and T3. Do consider the old buildings Mann gave in T2 and T3, though, as the company used these assets for the full year. You should assume that Mann computed the 2020 depreciation on them for TI and T2, but has not yet recorded the amounts.) On September 20, 2020, Mann paid $116,928 for ads to run evenly over an 8-month period, starting October 1, 2020. Mann's bookkeeper recorded the prepayment into the Advertising Expense account. Give the adjusting entry needed when a company uses an expense approach to record a payment in advance. Mann estimates that 12.35% of the 2020 year-end Accounts Receivable balance will not be collected A7. A8 A9. On January 1, 2020, Mann hired a contractor to construct a new office building. The construction work commenced on February 1, 2020, and it is expected to continue through July 31, 2021, the estimated completion date. Mann made progress payments to the contractor in 2020 as follows: Amount Date February 1 April 1 August 1 November 1 $ 25,000 206,000 148,000 82,000 $461.000 As stated in Al above, Mann took a 1-year, 8%, $195,000 construction loan to help fund the work on this project. The company also has a 4-year, 6%, $521,539 loan that is not related to the construction project. Give the adjusting entry needed at December 31, 2020 to record the capitalization of interest for this project. The company's income tax rate for the year is 25%. A10. - Instructions - Complete the following three tasks relating to Mann Co.'s accounting process at year-end 2020: (b) Prepare the journal entries to record the omitted transactions (T1 through T3). Prepare the journal entries to record the omitted adjustments (A1 through A10). Prepare the resulting adjusted trial balance as of December 31, 2020. List the accounts in an appropriate trial balance order. Please observe the following checklist of instructions as you complete this assignment: Prepare your journal entries and supporting calculations using Excel. Give careful attention to your formatting of information. Formatting includes effective presentation of information, correct spelling and capitalization, and proper use of dollar signs, commas, and underscoring. Refer to examples in the text for guidance. Round all dollar amounts you present in your journal entries to the nearest dollar. O