Please include the journal entry 1. Close out the 2017 Income Statement Accounts into retained earnings. And close out Unrealized holding gain or loss - income into Accumulated other comprehensive income. 2. During 2018, Poke Farms sold $1,200,000 worth of seed on credit that had a cost of $620,000. 3. During 2018, Poke Farms collected $1,000,000 of their Accounts Receivable balance. 4. During 2018, Poke Farms sold $900,0000 of seed for cash that had a cost of $400,000. 5. During 2018, Poke Farms purchased on credit $1,100,000 of Inventory. 6. During 2018, Poke Farms paid $980,000 of the AP balance due to Inventory. 7. During 2018, Poke Farms purchased with cash $450,000 of Inventory. 8. During 2018, Poke Farms increased its Allowance for Doubtful Accounts by $12,000. 9. During 2018, Poke Farms wrote off $4,500 of its accounts receivable balance. 10. At the beginning of 2018, Poke Farms purchased equipment for $120,000 with cash. All equipment is depreciated straight line over 10 years and has 0 salvage value. 2017 was the 1st year depreciation expense was taken for the $600,000 included in the 12/31/2017 numbers. Depreciation is included in G&A expenses so use the account "General and administrative expenses-depreciation expense" for the depreciation expense account. 11. During 2018, Poke Farms purchaed an additional $80,000 investements into AFS Equity Investments. 12. At the end of 2018, the fair market value of Poke Farms' investement is $190,000. 13. During 2018, Poke Farms had $215,000 of selling expenses that were ultimately paid with cash during 2018. 14. During 2018 Poke Farms had $90,500 of General and administrative expenses that were ultimately paid with cash during 2018. 15. Use tab "F. Pension Worksheet" to calculate pension expense and the appropriate journal entry for 2018. 16. On May 1, 2018, Poke Farms issued 5,000 shares of $5 par value common stock and 400 shares of $50 par value preferred stock for a lump sum of $80,000. Common stock had a market price of $10 per share and Preferred stock had a market price of $83.33 per share. 17. On June 1, 2018, Poke Farms declared and distributed a dividend to preferred shareholders of $2 per share. 18. On March 15, 2018, Poke Farms filed IRS From 1120 and paid their income taxes. The amount paid was in the income taxes payable account at the end of 2017. Poke Implements, Inc. Income Statement (preliminary) For the years ended December 31, 2018 and 2017 2017 2018 Revenues Sales $ 1,800,000 $ 2,100,000 Expenses COGS Selling Expense G&A Expense 1,025,000 200,000 250,000 1,020,000 227,000 258,500 Net income before taxes Income tax expense Net income after taxes EPS - Basic EPS - Dilutive 325,000 65,000 260,000 13.00 8.67 594,500 102,900 491,600 Poke Implements, Inc. Statement of Comprehensive Income (preliminary) For the years ended December 31, 2018 and 2017 2017 2018 $ Net income after taxes Other comprehensive income: Unrealized holding gain Comprehensive Income 260,000 5,000 265,000 491,600 5,000 496,600 $ Poke Farms Inc. Working Trial Balance December 31, 2018 and 2017 2018 TRANSACTIONS AND BALANCE CHANGES - SEE TICKMARK REFERENCES FOR DETAIL 1. Closing Entries for last year 5. Inventory Purchase - Credit 3. AR Collection 10. Purchase of Equipment and Depreciation 7. Inventory Purchase - Cash 8. Allowance for Doubtful 9. Write- Accounts off 2. Credit Sale 6. Pay AP for Inventory 4. Cash Sale Debits Cash Accounts receivable Equity Investment - AFS Fair value adjustment account Inventory Property, plant, and equipment Cost of goods sold Selling Expenses General and administrative expenses Income tax expense Total December 31, 2017 100,000 250,000 100,000 5,000 225,000 600,000 1,025,000 200,000 250,000 65,000 $ 2,820,000 Credits Allowance for doubtful accounts Accumulated depreciation - plant assets Accounts payable Income taxes payable Deferred tax liaiblity Pension Liability Common Stock, $5 par Preferred Stock, $50 par APIC - Common Stock APIC - Preferred Stock Retained earnings Unrealized holding gain or loss -Income Accumulated other comprehensive income Sales revenue Total 20,000 60,000 120,000 49,000 16,000 50,000 100,000 100,000 50,000 80,000 370,000 5,000 1,800,000 2,820,000 $ Assets Liab and Equity 12. Adjusting for the fair 11. market value Investments of investments 14. General and 13. Selling | administrative | Expenes expesnes 16. Issuing Common Stock and Preferred Stock 15. Pension Expense 17. Dividend Distribution $ Total 12/31/18 18. Paying prior after year Income Tax | 19. Income Tax || adjustments 100,000 S 250,000 100,000 5,000 225,000 600,000 1,025,000 200,000 250,000 65,000 December 31, 2018 50,700 445,500 180,000 10,000 755,000 720,000 1,020,000 227,000 258,500 102,900 $ 3,769,600 Change (49,300) 195,500 80,000 5,000 530,000 120,000 (5,000) 27,000 8,500 37,900 Edit Check (49,300.00) $ 195,500.00 $ 80,000.00 5,000.00 530,000.00 120,000.00 (5,000.00) 27,000.00 8,500.00 37,900.00 20,000 60,000 120,000 49,000 16,000 50,000 100,000 100,000 50,000 80,000 370,000 5,000 27,500 132,000 240,000 88,900 30,000 106,000 125,000 120,000 73,001 91,999 625,200 5,000 5,000 2,100,000 3,769,600 7,500 72,000 120,000 39,900 14,000 56,000 25,000 20,000 23,001 11,999 255,200 7,500.00 72,000.00 120,000.00 39,900.00 14,000.00 56,000.00 25,000.00 20,000.00 23,001.00 11,999.00 255,200.00 5,000 300,000 5,000.00 300,000.00 $ 1,800,000 $ $ $ - $ - $ - $ - $ - $ - $ - $ - - $ $ 2,820,000 2,820,000 $ Service cost Contributions to the plan Actual and Expected return on plan assets Benefits paid Plan assets at January 1, 2018 Projected benefit obligation at January 1, 2018 Interest/discount (settlement) rate $95,000 40,000 20,000 30,000 400,000 420,000 5% General Journal Entries Memo entries Projected Benefit Plan Obligation Assets Pension Asset/Liab Cash Annual Pension Items Expense Balance 1/1/2018 Service cost Interest cost Actual return Contributions Benefits Journal Entry for 2018 Balance 12/31/2018 Prepare the journal entry to record 2018 pension expense Please include the journal entry 1. Close out the 2017 Income Statement Accounts into retained earnings. And close out Unrealized holding gain or loss - income into Accumulated other comprehensive income. 2. During 2018, Poke Farms sold $1,200,000 worth of seed on credit that had a cost of $620,000. 3. During 2018, Poke Farms collected $1,000,000 of their Accounts Receivable balance. 4. During 2018, Poke Farms sold $900,0000 of seed for cash that had a cost of $400,000. 5. During 2018, Poke Farms purchased on credit $1,100,000 of Inventory. 6. During 2018, Poke Farms paid $980,000 of the AP balance due to Inventory. 7. During 2018, Poke Farms purchased with cash $450,000 of Inventory. 8. During 2018, Poke Farms increased its Allowance for Doubtful Accounts by $12,000. 9. During 2018, Poke Farms wrote off $4,500 of its accounts receivable balance. 10. At the beginning of 2018, Poke Farms purchased equipment for $120,000 with cash. All equipment is depreciated straight line over 10 years and has 0 salvage value. 2017 was the 1st year depreciation expense was taken for the $600,000 included in the 12/31/2017 numbers. Depreciation is included in G&A expenses so use the account "General and administrative expenses-depreciation expense" for the depreciation expense account. 11. During 2018, Poke Farms purchaed an additional $80,000 investements into AFS Equity Investments. 12. At the end of 2018, the fair market value of Poke Farms' investement is $190,000. 13. During 2018, Poke Farms had $215,000 of selling expenses that were ultimately paid with cash during 2018. 14. During 2018 Poke Farms had $90,500 of General and administrative expenses that were ultimately paid with cash during 2018. 15. Use tab "F. Pension Worksheet" to calculate pension expense and the appropriate journal entry for 2018. 16. On May 1, 2018, Poke Farms issued 5,000 shares of $5 par value common stock and 400 shares of $50 par value preferred stock for a lump sum of $80,000. Common stock had a market price of $10 per share and Preferred stock had a market price of $83.33 per share. 17. On June 1, 2018, Poke Farms declared and distributed a dividend to preferred shareholders of $2 per share. 18. On March 15, 2018, Poke Farms filed IRS From 1120 and paid their income taxes. The amount paid was in the income taxes payable account at the end of 2017. Poke Implements, Inc. Income Statement (preliminary) For the years ended December 31, 2018 and 2017 2017 2018 Revenues Sales $ 1,800,000 $ 2,100,000 Expenses COGS Selling Expense G&A Expense 1,025,000 200,000 250,000 1,020,000 227,000 258,500 Net income before taxes Income tax expense Net income after taxes EPS - Basic EPS - Dilutive 325,000 65,000 260,000 13.00 8.67 594,500 102,900 491,600 Poke Implements, Inc. Statement of Comprehensive Income (preliminary) For the years ended December 31, 2018 and 2017 2017 2018 $ Net income after taxes Other comprehensive income: Unrealized holding gain Comprehensive Income 260,000 5,000 265,000 491,600 5,000 496,600 $ Poke Farms Inc. Working Trial Balance December 31, 2018 and 2017 2018 TRANSACTIONS AND BALANCE CHANGES - SEE TICKMARK REFERENCES FOR DETAIL 1. Closing Entries for last year 5. Inventory Purchase - Credit 3. AR Collection 10. Purchase of Equipment and Depreciation 7. Inventory Purchase - Cash 8. Allowance for Doubtful 9. Write- Accounts off 2. Credit Sale 6. Pay AP for Inventory 4. Cash Sale Debits Cash Accounts receivable Equity Investment - AFS Fair value adjustment account Inventory Property, plant, and equipment Cost of goods sold Selling Expenses General and administrative expenses Income tax expense Total December 31, 2017 100,000 250,000 100,000 5,000 225,000 600,000 1,025,000 200,000 250,000 65,000 $ 2,820,000 Credits Allowance for doubtful accounts Accumulated depreciation - plant assets Accounts payable Income taxes payable Deferred tax liaiblity Pension Liability Common Stock, $5 par Preferred Stock, $50 par APIC - Common Stock APIC - Preferred Stock Retained earnings Unrealized holding gain or loss -Income Accumulated other comprehensive income Sales revenue Total 20,000 60,000 120,000 49,000 16,000 50,000 100,000 100,000 50,000 80,000 370,000 5,000 1,800,000 2,820,000 $ Assets Liab and Equity 12. Adjusting for the fair 11. market value Investments of investments 14. General and 13. Selling | administrative | Expenes expesnes 16. Issuing Common Stock and Preferred Stock 15. Pension Expense 17. Dividend Distribution $ Total 12/31/18 18. Paying prior after year Income Tax | 19. Income Tax || adjustments 100,000 S 250,000 100,000 5,000 225,000 600,000 1,025,000 200,000 250,000 65,000 December 31, 2018 50,700 445,500 180,000 10,000 755,000 720,000 1,020,000 227,000 258,500 102,900 $ 3,769,600 Change (49,300) 195,500 80,000 5,000 530,000 120,000 (5,000) 27,000 8,500 37,900 Edit Check (49,300.00) $ 195,500.00 $ 80,000.00 5,000.00 530,000.00 120,000.00 (5,000.00) 27,000.00 8,500.00 37,900.00 20,000 60,000 120,000 49,000 16,000 50,000 100,000 100,000 50,000 80,000 370,000 5,000 27,500 132,000 240,000 88,900 30,000 106,000 125,000 120,000 73,001 91,999 625,200 5,000 5,000 2,100,000 3,769,600 7,500 72,000 120,000 39,900 14,000 56,000 25,000 20,000 23,001 11,999 255,200 7,500.00 72,000.00 120,000.00 39,900.00 14,000.00 56,000.00 25,000.00 20,000.00 23,001.00 11,999.00 255,200.00 5,000 300,000 5,000.00 300,000.00 $ 1,800,000 $ $ $ - $ - $ - $ - $ - $ - $ - $ - - $ $ 2,820,000 2,820,000 $ Service cost Contributions to the plan Actual and Expected return on plan assets Benefits paid Plan assets at January 1, 2018 Projected benefit obligation at January 1, 2018 Interest/discount (settlement) rate $95,000 40,000 20,000 30,000 400,000 420,000 5% General Journal Entries Memo entries Projected Benefit Plan Obligation Assets Pension Asset/Liab Cash Annual Pension Items Expense Balance 1/1/2018 Service cost Interest cost Actual return Contributions Benefits Journal Entry for 2018 Balance 12/31/2018 Prepare the journal entry to record 2018 pension expense