Prepare journal entries for the transactions listed below and adjusting entries.

Grouper Corp.'s unadjusted trial balance at December 1, 2022, is presented below. Debit Credit Cash $28,160 Accounts Receivable 47,104 Notes Receivable 12,800 Interest Receivable 0 Inventory 46,336 Prepaid Insurance 4,608 Land 25,600 Buildings 192,000 Equipment 76,800 Patent 11,520 Allowance for Doubtful Accounts $640 Accumulated Depreciation- Buildings 64,000 Accumulated Depreciation- Equipment 30,720 Accounts Payable 34,944 Salaries and Wages Payable o Notes Payable (due April 30, 2023) 14,080 Income Taxes Payable 0 Interest Payable Notes Payable (due in 2028) 44,800 Common Stock 64,000 Retained Earnings 81,408 Dividends 15,360 Sales Revenue 1,152,000 Interest Revenue o Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 806,400 Depreciation Expense 0 Bad Debt Expense 0 Cost of Goods Sold 806,400 Depreciation Expense 0 Income Tax Expense 0 Insurance Expense 0 Interest Expense 0 Other Operating Expenses 79,104 Amortization Expense 0 Salaries and Wages Expense 140,800 Total $1,486,592 $1,486,592 The following transactions occurred during December. Dec. 2. Purchased equipment for $20,480, plus sales taxes of $1,024 (paid in cash). 2 Grouper sold for $4,480 equipment which originally cost $6,400. Accumulated depreciation on this equipment at January 1, 2022, was $2,304; 2022 depreciation prior to the sale of equipment was $1,056. Grouper sold for $6,400 on account inventory that cost $4,480. 15 23 Salaries and wages of $8,448 were paid. Adjustment data: 1. Grouper estimates that uncollectible accounts receivable at year-end are $5,120. 2. The note receivable is a one-year, 8% note dated April 1, 2022. No interest has been recorded. The balance in prepaid insurance represents payment of a $4,608, 6-month premium on September 1, 2022. 3. 4. 5. The building is being depreciated using the straight-line method over 30 years. The salvage value is $38,400. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 6. The equipment purchased on December 2, 2022, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,304. 7. 8. 9. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. Unpaid salaries at December 31, 2022, total $2,816. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months. Income tax expense was $19,200. It was unpaid at December 31. 10