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[The following information applies to the questions displayed below] Now that operations for outdoor clinics and TEAM events are running smoothly. Suzie thinks of another area for business expansion. She notices that a fow clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from kayaking. rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2025 . All watches are sold for $620 each. July 17 Vurchased 68 watehen for 510,200 (\$150 per wateh) on account. July 31 Sold 52 watches for $32,240cash. August 12 Purchased 52 watches for $8,320 ( $160 per watch) cash. Auguet 22 5old 42 watchen for $26,040 on account, September 19 Paid for watchen purchased on July 17. September 27 Receive eash of $15,624 for Watchen nold on aceount on August 22. oetober 27 Parchaned 120 watehes for $19,360 ( $176 per wateh) cash. November 20 5old 102 watchen for $63,240 cash. December 4 purchased 112 watches for $20,832 ( $186 per watch) on account. Decomber i 501 d 52 yatehes for $32,240 on account. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31 , the estimated net realizable value of MU watches is only $100 per watch. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 14). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on December 31,2025 , in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31, 2025. 4. Prepare an income statement for the period ended December 31, 2025, in the 'Income Statement' tab. Prenare a classified balance sheet as of December 31,2025 in the 'Balance Sheet' tab
