please solve a,b,c,d, taking into account the notes under problem 1 (eg. prepare soci instead of income statement, omit adjusted trial balance but provide residual analysis )

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Problem One: . ACR9 on page 9-43, but note the following: Ignore GST. For the JE in transaction #1, include the sales tax as part of the cost of the equipment. You may omit the preparation of the adjusted trial balance, but don't forget to update the GL balances for the JEs prepared in Instruction a. For the patent amortisation JE, you may credit the Patent account directly. You may omit preparation of the retained earnings statement, but don't forget to calculate its ending balance that you will need for the BS. Instead of an Income Statement, prepare a SOCI in the form and format followed in this course. Instruction e: For transaction #2 on page 9-44, prepare a residual analysis for the sale of the equipment. You do not have to prepare a residual analysis for the depreciation JE. -O- 300 -O- -O- ACR9 Raymond Construction's trial balance at December 31, 2020, is presented as follows. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash 28,000 Accounts Receivable 36,800 Notes Receivable 10,000 Interest Receivable Inventory 36,200 Prepaid Insurance 4,400 Land 20,000 Buildings 160,000 Equipment 60,000 Patents 8,000 Allowance for Doubtful Accounts Accumulated Depreciation-Buildings 49,000 Accumulated Depreciation Equipment 24,000 Accounts Payable 28,300 Income Taxes Payable Salaries and Wages Payable Unearned Rent Revenue 6,000 Notes Payable (due in 2021) 11,000 Interest Payable Notes Payable (due after 2021) 35,000 Share Capital-Ordinary 50,000 Retained Earnings 63,600 Dividends 12,000 Sales Revenue 910,000 Interest Revenue Rent Revenue Gain on Disposal of Plant Assets -0- Bad Debt Expense Cost of Goods Sold 630,000 Depreciation Expense Insurance Expense -0- Interest Expense Other Operating Expenses 61,800 Amortization Expense Salaries and Wages Expense 110,000 Total 1,177,200 1,177,200 -O- -O- -0- -O- -O -0- -O Unrecorded transactions: 1. On May 1, 2020, Raymond purchased equipment for 13,000 plus sales taxes of 780 (all paid in cash). 2. On July 1, 2020, Raymond sold for 3.500 equipment which originally cost 5,000. Accumulated depreciation on this equipment at January 1, 2020, was 1,800; 2020 depreciation prior to the sale of the equipment was 450. 3. On December 31, 2020, Raymond sold on account 9,400 of inventory that cost 6,600. 4. Raymond estimates that uncollectible accounts receivable at year-end is 4,000. 5. The note receivable is a one-year, 8% note dated April 1, 2020. No interest has been recorded. 6. The balance in prepaid insurance represents payment of a 4,400 6-month premium on October 1, 2020. 7. The building is being depreciated using the straight-line method over 40 years. The residual value is 20,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The residual value is 10% of cost. 9. The equipment purchased on May 1, 2020, is being depreciated using the straight-line method over 5 years, with a residual value of 1,000. 10. The patent was acquired on January 1, 2020, and has a useful life of 10 years from that date. 11. Unpaid salaries and wages at December 31, 2020, total 2,200. 12. The unearned rent revenue of 6,000 was received on December 1, 2020, for 4 months rent. 13. Both the short-term and long-term notes payable are dated January 1, 2020, and carry a 9% interest rate. All interest is payable in the next 12 months. 14. Income tax expense was 17,000. It was unpaid at December 31. Instructions a. Prepare journal entries for the transactions listed above. b. Prepare a December 31, 2020, adjusted trial balance. b. Totals 1,228,294 c. Prepare a 2020 income statement and a 2020 retained earnings statement. c. Net income 68,256 d. Prepare a December 31, 2020, classified statement of financial position. d. Total assets 271,996 Problem One: . ACR9 on page 9-43, but note the following: Ignore GST. For the JE in transaction #1, include the sales tax as part of the cost of the equipment. You may omit the preparation of the adjusted trial balance, but don't forget to update the GL balances for the JEs prepared in Instruction a. For the patent amortisation JE, you may credit the Patent account directly. You may omit preparation of the retained earnings statement, but don't forget to calculate its ending balance that you will need for the BS. Instead of an Income Statement, prepare a SOCI in the form and format followed in this course. Instruction e: For transaction #2 on page 9-44, prepare a residual analysis for the sale of the equipment. You do not have to prepare a residual analysis for the depreciation JE. -O- 300 -O- -O- ACR9 Raymond Construction's trial balance at December 31, 2020, is presented as follows. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash 28,000 Accounts Receivable 36,800 Notes Receivable 10,000 Interest Receivable Inventory 36,200 Prepaid Insurance 4,400 Land 20,000 Buildings 160,000 Equipment 60,000 Patents 8,000 Allowance for Doubtful Accounts Accumulated Depreciation-Buildings 49,000 Accumulated Depreciation Equipment 24,000 Accounts Payable 28,300 Income Taxes Payable Salaries and Wages Payable Unearned Rent Revenue 6,000 Notes Payable (due in 2021) 11,000 Interest Payable Notes Payable (due after 2021) 35,000 Share Capital-Ordinary 50,000 Retained Earnings 63,600 Dividends 12,000 Sales Revenue 910,000 Interest Revenue Rent Revenue Gain on Disposal of Plant Assets -0- Bad Debt Expense Cost of Goods Sold 630,000 Depreciation Expense Insurance Expense -0- Interest Expense Other Operating Expenses 61,800 Amortization Expense Salaries and Wages Expense 110,000 Total 1,177,200 1,177,200 -O- -O- -0- -O- -O -0- -O Unrecorded transactions: 1. On May 1, 2020, Raymond purchased equipment for 13,000 plus sales taxes of 780 (all paid in cash). 2. On July 1, 2020, Raymond sold for 3.500 equipment which originally cost 5,000. Accumulated depreciation on this equipment at January 1, 2020, was 1,800; 2020 depreciation prior to the sale of the equipment was 450. 3. On December 31, 2020, Raymond sold on account 9,400 of inventory that cost 6,600. 4. Raymond estimates that uncollectible accounts receivable at year-end is 4,000. 5. The note receivable is a one-year, 8% note dated April 1, 2020. No interest has been recorded. 6. The balance in prepaid insurance represents payment of a 4,400 6-month premium on October 1, 2020. 7. The building is being depreciated using the straight-line method over 40 years. The residual value is 20,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The residual value is 10% of cost. 9. The equipment purchased on May 1, 2020, is being depreciated using the straight-line method over 5 years, with a residual value of 1,000. 10. The patent was acquired on January 1, 2020, and has a useful life of 10 years from that date. 11. Unpaid salaries and wages at December 31, 2020, total 2,200. 12. The unearned rent revenue of 6,000 was received on December 1, 2020, for 4 months rent. 13. Both the short-term and long-term notes payable are dated January 1, 2020, and carry a 9% interest rate. All interest is payable in the next 12 months. 14. Income tax expense was 17,000. It was unpaid at December 31. Instructions a. Prepare journal entries for the transactions listed above. b. Prepare a December 31, 2020, adjusted trial balance. b. Totals 1,228,294 c. Prepare a 2020 income statement and a 2020 retained earnings statement. c. Net income 68,256 d. Prepare a December 31, 2020, classified statement of financial position. d. Total assets 271,996