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please provide answers so I can check work for required questions (a-e) - include t-accounts for transactions. The Loren Company started its operations many years

please provide answers so I can check work for required questions (a-e) - include t-accounts for transactions.

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The Loren Company started its operations many years ago. Its balance sheet for December 31, During 2020 the following transactions occurred: 2019, showed the following account balances (there were no other accounts listed): Paid in capital 500. Wages payable 10. Cash 280. Loan from bank 50. 1. Depreciation expense was $45. Retained earnings 240, Loan to $2 35, Accumulated depreciation (?). 2. Loren purchased $932 worth of inventory on account. The ending balance of the inventory Prepaid rent (to JG) 3, Inventory 59, Accounts payable 57, account was $100. Accounts receivable 153, PP&E (Gross) 450, Interest receivable (from $2) 5, 3. Sales, all on credit, were $1,203. Dividend payable 48. 4. Rent in the amount of $107 was paid to JG. in cash, during the year. As of December 31, 2020. the firm did not pay a portion of December's rent and owes its landlord, JO, $7 (recorded as rent Required: payable). Over the years, Loren had only this rental property. a. What was the balance of the Accumulated depreciation account on December 31, 2019? 5. Payments on accounts payable were $889. b. Record all transactions that occurred during 2020. 6. The SZ company paid Loren $5 interest for 2019, as well as interest of $4 for 2020. Also, it c. Prepare an Income Statement for the year ended December 31, 2020. paid $10 to reduce its loan's principal. d. Prepare a Balance Sheet for December 31, 2020. 7. Loren used the cash received from SZ to pay the bank for its loan. Out of the total amount. $7 e. Prepare a Statement of Cash Flows for the year ended December 31, 2020. was for interest and the rest was used to reduce the principal. 8. Collections from customers were $1.256. 9. A change in the tax code, effective 2021. will increase the cost of Loren in providing medical expertise services by 50%. The firm anticipates this change will increase its annual costs by $125. 10. The employees of Loren earned $60 as wages. Cash payments for wages were $65. 11. The company paid $36 for a dividend that was declared in 2019. 12. Advertising expenses were $40. The company paid this amount in cash plus $30 related to next year's advertising campaign. 13. An old machine that had original costs of $40 and net book value of $0 (zero) broke down and was disposed; there were no cash consequences. 14. Loren received a deposit of $100 from a customer for a special order that will be supplied next year. Selling price will be $150 and costs are estimated at $96

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