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GL1201 (Algo) - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information. 2018 STREAM LAUNCH INCORPORATED Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 99,900 Accounts receivable, net 73,000 Inventory 66,000 Prepaid expenses 4,600 Total current assets 243,500 Equipment 134,000 Accumulated depreciation-Equipment (33,000) Total assets $ 344,500 Liabilities and Equity Accounts payable $ 30,000 Wages payable 7,000 Income taxes payable 4,000 Total current liabilities 41,000 Notes payable (long term) 38,000 Total liabilities 79,000 Equity Common stock, $5 par value 220,000 Retained earnings 45,500 Total liabilities and equity $ 344,500 $ 58,700 57,000 92,000 5,700 213,400 124,000 (11,000) $ 326,400 $ 36,000 18,000 4,400 58,400 75,000 133,400 160,000 33,000 $ 326, 400 STREAM LAUNCH INCORPORATED Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 62,000 Other expenses 70,000 Total operating expenses $ 713,000 436,000 277,000 $ 132,000 145,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,300 147,300 45,090 $ 102,210 Additional Information a. A $37,000 note payable is retired at its $37,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $61,000 cash. d. Received cash for the sale of equipment that had cost $51,000, yielding a $2,300 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. View transaction list Journal entry worksheet Journal entry worksheet ew transaction list Journal entry worksheet ..... Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Date Account Title Debit Credit June 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet View transaction list Journal entry worksheet Reconstruct the journal entry for the sale of equipment at a gain, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Date Account Title Debit Credit June 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet 3 4 5 7 8 8 View transaction list Journal entry worksheet 1 2 3 4 5 6 8 13 > ..... Reconstruct the entry to record the retirement of the $37,000 note payable at its $37,000 carrying (book) value in exchange for cash. Note: Enter debits before credits. Account Title Debit Credit Date June 30 Record entry Clear entry View general Journal View transaction list Journal entry worksheet ... Reconstruct the entry for the purchase of new equipment. Note: Enter debits before credits. Date Account Title Debit Credit June 30 Record entry Clear entry View general Journal Journal entry worksheet Reconstruct the entry for the issuance of common stock. Note: Enter debits before credits. Date Account Title Debit Credit June 30 Record entry Clear entry View general Journal Journal entry worksheet Close all revenue and gain accounts to income summary. Note: Enter debits before credits. Date Account Title Debit Credit June 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet Close all expense accounts to income summary. Note: Enter debits before credits. Date June 30 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet Close Income Summary to Retained Earnings. Note: Enter debits before credits. Account Title Debit Credit Date June 30 entry Clear entry View general journal STREAM LAUNCH INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash flows from operating activities: Cash flows from investing activities: s Cash flows from financing activities: Unadjusted STREAM LAUNCH INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Income statement items not affecting cash Changes in current operating assets and liabilities +