PLEASE HELP ME COMPLETE THE BLANK SPOT ON ADJUSTMENT DATA 3. IM STUCK.

Show Attempt History Current Attempt in Progress Cullumber Corporation's balance sheet at December 31, 2021, is presented below. CULLUMBER CORPORATION Balance Sheet December 31, 2021 Cash $30,500 Accounts payable Inventory 23,700 Interest payable Prepaid insurance 5,700 Bonds payable Equipment 43,800 Common stock Retained earnings $103,700 $13,700 2.750 55.000 21.800 10,450 $103.700 During 2022. the following transactions occurred. Cullumber uses a perpetual invento 1. 2. Cullumber paid $2.750 interest on the bonds on January 1, 2022. Cullumber purchased $240,900 of inventory on account. ch During 2022, the following transactions occurred. Cullumber uses a perpetual inventory system. 1. 2 3 4. 5. 6 7. Cullumber paid $2,750 interest on the bonds on January 1, 2022 Cullumber purchased $240,900 of inventory on account. Cullumber sold for $452.900 cash inventory which cost $251,300. Cullumber also collected $27.174 sales taxes. Cullumber paid $232.000 on accounts payable Cullumber paid $2,750 interest on the bonds on July 1, 2022. The prepaid insurance ($5,700) expired on July 31. On August 1, Cullumber paid $12,000 for Insurance coverage from August 1, 2022, through July 31, 2023. Cullumber paid $23,600 sales taxes to the state. Paid other operating expenses. $91.300. Redeemed the bonds on December 31, 2022, by paying $52.800 plus $2.750 interest. Issued $85,500 of 8% bonds on December 31, 2022, at 103. The bonds pay interest every June 30 and December 31. 8. 9. 10 11 Adjustment data: 1. 2 Recorded the insurance expired from item 7. The equipment was acquired on December 31, 2021. and will be depreciated on a straight-line basis over S years with a $2.800 salvage value. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) 3 No. Account Titles and Explanation Debit Credit 1. Interest Payable 2750 Cash 2750 2. Inventory 240.900 Accounts Payable 240.900 3. Cash 480074 Sales Revenue 452.900 27.174 Sales Taxes Payable (To record sales revenue.) Cost of Goods Sold 251,300 251,300 Inventory (To record cost of goods sold.) Accounts Payable 232.000 232.000 2750 5. interest Expense 1 of 1 4.9/25 5. Interest Expense 2750 Cash 2750 6. Insurance Expense 5700 Prepaid insurance 5700 7. Prepaid Insurance 12000 Cash 12.000 8. Sales Taxes Payable 23.600 22.600 9. Other Operating Expenses 91.300 91300 10. Interest Expense 2750 Cash 2750 (To record payment of bond interest) FEM (To record payment of bond interest) Bonds Payable 55.000 Gain on Bond Redemption 2200 52.800 Cash (To record redemption of bonds) Cash 11 88.065 Bonds Payable 85,500 Premium on Bonds Payable 2565 Prepare the adjusting entries. (Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) Debit Credit No. Account Titles and Explanation Insurance Expense 5000 5000 Prepaid insurance (to adjust insurance expense) Depreciation Expense 11200 2. Prepare the adjusting entries. (Credit account titles ore automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter Ofor the amounts.) Debit Credit No. Account Titles and Explanation 1 Insurance Expense 5000 Prepaid Insurance 5000 Ito adjust Insurance expense) Depreciation Expense 2 8200 3200 Accumulated Depreciation Equipment (to adjust depreciation expense) Income Tax Expense 63630 3 769 Income Taxes Payable (to adjust income tax expense)