Project #2 (10 pts) i 9.5 1 On January 1, 2021, the general ledger of Boomer Company includes the following account balances: Accounts Cash points Accounts Receivable Allowance for Uncollectible Accounts Credit Debit $ 74,000 42,000 $ 5,000 Inventory 34,000 Building 74,000 Accumulated Depreciation 14,000 Land 204,000 References Accounts Payable 24,000 Notes Payable (8%, due in 3 years) Common Stock 30,000 104,000 Retained Earnings 251,000 Totals $428,000 $428,000 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During January 2021, the following transactions occurred: January 2 Received a $24,000 6-month, 5% note on a loan Boomer made to Cowboys, Inc. January 5 Purchased 3,600 units of inventory on account for $360,000 ($100 each) with terms 1/10, n/30. January 8 Returned 130 defective units of inventory purchased on January 5. January 15 Sold 3,400 units of inventory on account for $408,000 ($120 each) with terms 2/10, n/30. Record 2 entries for this transaction. January 17 Customers returned 200 units sold on January 15. These units were originally purchased by Boomer on January 5. The units were placed in inventory to be sold in the future. Record 2 entries for this transaction. January 20 Received cash from customers on accounts receivable. This amount includes $40,000 from 2020 plus amount receivable on sale of 2,800 units sold on January 15. January 21 Wrote off remaining accounts receivable from 2020. January 24 Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 3,200 units on January 5. January 28 Paid cash for salaries during January, $32,000. January 29 Paid cash for utilities during January, $14,000. January 30 Paid dividends, $7,000. The following information is available on January 31, 2021 for adjusting entries at the end of the month. a. Boomer estimated that 10% of the January 31 accounts receivable balance will not be collected. b. Accrued interest on notes receivable for January. c. Accrued interest on notes payable for January. d. Accrued income taxes at the end of January for $5,400. e. Depreciation on the building, $2,400. Saved