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Required information [The following information applies to the questions displayed below.] One Product Corporation (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31 , at the end of its first year of operations, were: The following information is relevant to the first month of operations in the following year: The following information is relevant to the first month of operations in the following year: - OPC sells its inventory at $150 per unit, plus sales tax of 6 percent. OPC's January 1 inventory balance consists of 180 units at a total cost of $12,600. OPC's policy is to use the FFO method, recorded using a perpetual inventory system. - The $1,660 in Prepaid Rent relates to a payment made in December for January rent this year. - The equipment was purchased on July 1 of last year. It has a residual value of $1,000 and an expected life of five years. It is being depreciated using the straight-line method. - Employee wages are $4,000 per month. Employees are paid on the 16 th for the first half of the month and on the first day of the following month for the second half of each month. Withholdings each pay period include $250 of income taxes and $150 of FICA taxes. These withholdings and the employer's matching contribution are paid monthly on the second day of the following month. In addition, unemployment taxes of $50 are accrued each pay period, and will be paid on March 31. - Deferred Revenue is for 30 units ordered and paid for in advance by two customers in late December. One order of 25 units is to be filied in January, and the other will be filled in February. - Notes Payable arises from a three-year, 9 percent bank loan received on October 1 last year. - The par value on the common stock is $2 per share. - Treasury Stock arises from the reacquisition of 500 shares at a cost of $8 per share. a. On 1/01. OPC paid employees' salaries and wages that were previously accrued on December 31. b. A truck is purchased on 102 for $9,000 cash. It is estimated this vehicle will be used for 50,000 milies, after which it will have no residual value. c. Payroll withholdings and employer contributions for December are remitted on 1/03. d. OPC declares a $0.50 cash dividend on each share of common stock on 1/04, to be paid on 1/10. e A $965 customer account is written off as uncollectible on 1/05. 1. On 1/06, recorded sales of 175 units of inventory on account. Sales tax is charged but not yet collected or remitted to the state. 9 Soles taxes of $500 that had been collected and recorded in December are paid to the state on 107 . h. On 108, OPC issued 300 shares of treasury stock for $2,400. 1. Collections from customers on account, totaling $11,214, are recorded on 109 . 1. On 1/10. OPC distributes the $0.50 cash dividend declared on January 4 . The company's stock price is currently 55 per share. k. OPC purchases on account and recelves 70 units of inventory on 1/41 for $4,200. 1. The equipment purchased last year for $28,600 is sold on 1/15 for $27,200 cash. Record depreciation for the first haif of January prior to recording the equipment disposal. m. Payroll for January 1-15 is recorded and paid on 1/16. Be sure to accrue unemployment taxes and the employer's matching share of FICA taxes. n. Having sold the equipment, OPC pays off the note poyable in full on 1/17, The amount paid is $22,894, which inciudes interest accrued in December and an additional $92 interest through January 17. o. On 1/27, OPC records sales of 30 units of inventory on account. Soles tax is charged but not yet collected or remitted. p. A portion of the advance order from December 25 units) is delivered on 129 . No sales tax is collected on this transaction because the customer is a US. governmental organizotion that is exempt from sales tax: q. To obtain funds for purchasing now equipment, OPC issued bonds on 1/30 with a total foce volue of $93.000, stated interest rate of 5 percent, annual compounding, and sixyear maturity date. OPC recelved $84,134 from the bond issuance, which implies a market interest rate of 7 percent. 6 On 1/31, OPC records units-of-production depreciation on the vehicle (truck), which was driven 2,000 miles this month. 5. OPC estimates that 2% of the ending accounts recelvable balance will be uncollectible. Adjust the applicable accounts on 1/31, using the allowance method. t. On 1/31, adjust for January rent expired. u. Accrue January 31 payroll on 1/31, which will be payable on February 1. Be sure to accrue unemployment taxes and the employer's matching share of FICA taxes. v. Accrue OPC's corporate income taxes on 1/31. estimated to be $4,220 Prepare all Jansary journal entries and adjusting entries for items (a) (v). Review the 'General Ledger' and the adjusted 'Trial Balance' Tabs to see the effect of the transactions on the account balances, (If no entry is fequired for-a transactign/event, select FNo jourmai inntry requirnd" in the firgt aceount field.) Journal entry worksheet On 1.01, OPC paid employees' salaries and wages that were previously accrued on December 31. Record the transaction. Buteli i nter dehits beffore.credta (1) Required information Part 1ol 2 \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{} \\ \hline \multicolumn{5}{|c|}{} \\ \hline \multicolumn{3}{|c|}{ Cash } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Decomber 31 & & & 19,460 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Allowance for Doubtful Accounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 915 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Recelvable } \\ \hline No. & Date & Debli & Credit & Balance \\ \hline & Dooomber 31 & & & 8.220 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{3}{|c|}{} & \multicolumn{2}{|c|}{ Prepald Rent } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 1,660 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Inventory } \\ \hline No. & Date & Dobit & Credit & Balance \\ \hline & December 31 & & & 12.600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated Depreciation.Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 2,760 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 28,600 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Salarien and Wages Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 1,600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Interest Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 502 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ FiCA Payable } \\ \hline No, & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Withheid Income Taxes Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales Tax Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Unemployment Tax Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & 300 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{} \\ \hline \multicolumn{2}{|c|}{ Deferred Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 4.500 \\ \hline \end{tabular} Required information Part 1 of 2 ONE PRODUCT CORPORATION Trial Balance January 30,2022 Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. v. Accrue OPC's corporate income taxes on 1/31, estimated to be $4.220. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. You will need to determine and enter the beginning and ending balances. Using the information from the requirements above, complete the 'Analysis' tab. Journal entry worksheet Record the issuance of 30 percent stock dividend. Note: Enter debits before credits. Journal entry worksheet Record the issuance of 10 percent stock dividend. Note: Enter debits before credits