Please Make General Journal Entries. T accounts and Trial Balance.

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General Journal Account Title Date Debit Credit Transactions that have not yet been recorded by Ryman: a) On January 1, 2021, Ryman purchased land at a price of $180,000. The closing costs were $5,000. An old building was removed from the land at a cost of $10,000. The removal of the building was necessary to get the land ready for its intended use. A permanent retention pond was installed for $10,000. All amounts were paid with cash. Record the purchase of the land. b) On January 1, 2021, Ryman began construction on a building on the purchased land. The construction was completed on December 31, 2021. Expenditures for construction were: $2,000,000 on January 1, $750,000 on May 1, $600,000 on June 1, $750,000 on September 1 and $600,000 on December 31. To pay for the construction, Ryman borrowed $3,000,000 from a local bank on January 1. The $3,000,000 note represents a 10-year loan agreement with an annual interest rate of 7%. The only other loans that Ryman has outstanding are the Note Payable and Bond Payable recorded on the trial balance (above). ove). Record journal entries for the January, April , June, September, and December construction expenditures separately. In a separate journal entry, record the new construction notes payable initiated on January 1. In addition, calculate the weighted average expenditures, avoidable interest and actual interest to determine the amount of interest that must be capitalized for the year. Assume that Ryman's actual was paid on December 31, and make the journal entry to record the interest on that date. interest c) For the building that began construction on January 1, 2021, the building will need to be decommissioned on January 1, 2041 for an expected cost of $500,000. Ryman's annual borrowing costs are 5% and the present value of S1 in 20 years is $0.3769. Record the entry related to the asset retirement obligation entries for both January I and December 31. (Note: we will handle any depreciation journal entries related to the ARO as part of Transaction L. so don't do it here.) d) On January 2, 2021, Ryman sold inventory for $1,000,000 on credit with tcrins of 2/10, n/30. The cost of the inventory sold was $600,000. Ryman uses the gross method to account for sales discounts. e) On January 8, 2021. Ryman received a payment from the customer that fully satisfied the sales agreement from January 2 f) On January 9, 2021. Ryman exchange equipment with Tootsie's, Inc., receiving $15.000 cash and another picce of equipment with a fair market value of $85,000. The equipment Ryman gave up had an original cost of $130,000 and accumulated depreciation of $70,000. The exchange lacked commercial substance. Record the exchange. g) On April 1, 2021 Ryman purchased land and a building for $800,000 (cash). The following data were collected concerning the properly. Record the purchase of the land and building. Land Building Current Appraised Value $400.000 $600,000 Seller's Book Values $50.000 $350,000 h) On May 1, 2021 Ryman acquired 100% Orchid Lounge Industries for $400,000 cash. The following represents Lamar Industries book values and fair values at the time of the acquistion Orchid's Book Value Cash $10.000 Accounts Receivables Inventory Land Building Patent Accounts Payable Notes Payable Fair Value $10,000 15,000 30.000 100.000 150.000 45.000) (20.000) (100.000) 15,000 20.000 20,000 80,000 0 (20.000) (100.000) 1) On July 1, 2021, Ryman acquired land by issuing 10,000 shares of $1 par value common stock. The appraised value of the land on the acquisition date was $125,000. The common stock is actively traded and had a market price of $10.00 per share on the acquisition date. Record the acquisition of the land. 1) On December 7, 2021, Ryman factorcd $400,000 of accounts reccivables to Honky Tonk Finance Corporation with recourse. Honky Tonk assessed a finance charge of 1% of the factorced reccivables and retained 3% of the receivables to cover sales returns and allowances. The recourse liability was estimated at 2% of the gross accounts receivable, Record the factoring of the receivables. k) On December 31, 2021, Ryman assigned $120,000 its accounts receivables to Layla Bank as collateral for a $100,000 loan. The assignment agreement calls for Ryman to continue to collect the receivables. Regions assessed a finance charge of 1.5% of the reccivables to initiate the loan agreement. The malurily date of the loan is June 30, 2021, Make the journal entry for this assignment of receivables. 1) Calculate the balance in the property, plant and equipment (PPE) account after recording transactions a)-j). Be sure to include the beginning balance from the trial balance above in your calculation, Rynan uses the straight-line depreciation method to calculate depreciation. The useful life of Ryman's PPE is 12 years and there is no salvage value for any of the PPE assets. Record depreciation expense for 2021. For this transaction, you may ignore the effects of parlial year depreciation and simply usc thc ending balance in PPE as the depreciable base. m) Ryman management needs to accrue bad debt expense on its remaining accounts receivable not previously discussed. Management uses the Aging method to accruc bad debt expense, and uses the following information to record the journal entry for the accrual: Age of Receivable Accounts Receivable Balance Estimated Uncollectible Percentage