Pronghorn Corp prepares quarterly financial statements. The post-closing trial balance at December 31, 2016, is presented below.

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Question 2 Pronghorn Corp prepares quarterly financial statements. The post-closing trial balance at December 31, 2016, is presented below PRONGHORN CORP Post-Closing Trial Balance December 31, 2016 Debit $29,640 27,330 Credit Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation-Equipment Buildings Accumulated Depreciation-Buildings Land Accounts Payable Common Stock Retained Earnings $1,460 24,400 18,300 122,000 18,300 24,400 15,090 109,800 64,820 $227,770 $227,770 During the first quarter of 2017, the following transactions occurred: 1. On February 1, Pronghorn collected fees of $14,640 in advance. The company will perform $1,220 of services each month from February 1, 2017, to January 31, 2. On February 1, Pronghorn purchased computer equipment for $10,980 plus sales taxes of $732$3,660 cash was paid with the rest on account. Check #455 was 3. On March 1, Pronghorn acquired a patent with a 10-year life for $11,712 cash. Check #456 was used used 4. On March 28, Pronghorn recorded the quarter's sales in a single entry. During this period, Pronghorn had total sales of $170,800 (not including the sales referred to in item 1 above). All of the sales were on account. 5. On March 29, Pronghorn collected $162,260 from customers on account. 6. On March 29, Pronghorn paid $19,970 on accounts payable. Check #457 was used 7. On March 29, Pronghorn paid other operating expenses of $118,980. Check #458 was used 8. On March 31, Pronghorn wrote off a receivable of $240 for a customer who declared bankruptcy 9. On March 31, Pronghorn sold for $1,980 equipment that originally cost $13,420. It had an estimated life of 5 years and salvage of $1,220. Accumulated depreciation as of December 31, 2016, was $9,760 using the straight line method. (Hint: Record depreciation on the equipment sold, then record the sale.) Bank reconciliation data and adjustment data: 1. The company reconciles its bank statement every quarter. Information from the December 31, 2016, bank reconciliation is: Deposit in transit: 12/30/2016 $6,100 4,200 410 1,060 7,130 Outstanding checks #440 #452 #453 #454 The bank statement received for the quarter ended March 31, 2017, is as follows: Beginning balance per bank Deposits: 1/2/2017, $6,100; 2/2/2017, $14,640; 3/30/2017, $162,260183,000 Checks: #452, $410; #453, $1,060; #457, $19,970; #458, $118,980 (140,420) Debit memo: Bank service charge (record as operating expense) Ending bank balance $36,340 (100) $78,820 2. Record revenue earned from item 1 above 3. $31,720 of accounts receivable at March 31, 2017, are not past due yet. The bad debt percentage for these is 4%. The balance of accounts receivable are past due The bad debt percentage for these is 23.75%. Record bad debt expense. (Hint: You will need to compute the balance in accounts receivable before calculating this.) 4. Depreciation is recorded on the equipment still owned at March 31, 2017. The new equipment purchased in February is being depreciated on a straight-line basis npr 5 vea rs and salva e value was timated at 1 46 The nld inment till nwned i hein denreriated nvr a In-vear lifo "sinn trainht-line with n salvarp value 5. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $12,200. 6. Amortization is recorded on the patent. 7. The income tax rate is 30%. This amount will be paid when the tax return is due in April. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Record journal entries for transactions 1-9. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date No. Account Titles and Explanation Debit Credit February 1 # 1. Cash 14640 Unearned Service Revenue 14640 February 1# 2, Equipment Cash 3660 Accounts Payable 8052 | March 1 3. Patents Cash March 28 # 4, Accounts Receivable 170800 Service Revenue 170800 March 29 5. Cash 162260 Accounts Receivable 162260 March 296. Accounts Payable 19970 Cash 19970 March 29 7. Other Operating Expenses 118980 Cash 118980 March 31 8. Allowance for Doubtful Accounts 240 Accounts Receivable 240 March 319. Depreciation Expense 610 610 Accumulated Depreciation-Equipment (To record depreciation expense) Cash 1980 Accumulated Depreciation-Equipment 10370 Loss on Disposal of Plant Assets 1070 Equipment 13420 Pronghorn Corp Bank Reconciliation ournalize entries related to bank reconciliation and all adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to O decimal places, e.g 5,275. No. Date Account Titles and Explanation Debit Credit 1. 3/31/2017 2. 3/31/2017 3. 3/31/2017 4. 3/31/2017 5. 3/31/2017 6. 3/31/2017 7. 3/31/2017 Post entries related to bank reconciliation and all adjusting entries. (Post entries in the order presented in the previous part. Round answers to 0 decimal places, e.g. 5,275.) Ba Feb. 1 Mar. 29 Mar. 31 Cash 29,640 Feb. 1 14,640 Mar. 1 162,260 Mar. 29 3,660 11,712 19,970 118,980 54198 1,980 Mar. 29 Ba Accounts Receivable 27,330 Mar. 29 170,800 Mar. 31 162,260 240 Ba Mar. 28 Allowance for Doubtful Accounts Mar. 31 240 Bal 1,460 Bal 18,300 Patents Mar. 1 11,712 Accounts Payable Mar. 29 19,970 Bal 15,090 Feb. 1 8,052 Unearned Service Revenue Feb. 1 14,640 Income Taxes Payable Common Stock Ba. 109,800 109,800 Retained Earnings Bal. 64,820 64,820 Service Revenue Mar. 28 170,800 Other Operating Expenses Mar. 29 118,980 Depreciation Expense Mar. 31 610 Loss on Disposal of Plant Assets 1,070 1,070 Mar. 31 Amortization Expense Bad Debt Expense Income Tax Expense Prepare an adjusted trial balance at March 31. (Round answers to 0 decimal places, e.g. 5,275.) Pronghorn Corp Adjusted Trial Balance Prepare an income statement for the quarter ended March 31, 2017. (Round answers to O decimal places, e.g. 5,275.) Pronghorn Corp Income Statement Prepare retained earnings statement for the quarter ended March 31, 2017. (Round answers to 0 decimal places, e.g. 5,275.) Pronghorn Corp Retained Earnings Statement Prepare a classified balance sheet at March 31, 2017. (List Current Assets in order of liquidity. List Property, Plant and Equipmen Equipment and Buildings. Round answers to 0 decimal places, e.g. 5,275.) Pronghorn Corp Balance Sheet Assets Liabilities and Stockholders' Equity