Question #1 The following information relates to the Better Lawns and Gardens Company at the end of December 2020. The company is a publisher of a monthly lawn and garden magazine. The company's revenue comes from two main sources: 1. Advertising sold to businesses that manufacture lawn and garden products, and 2. Customers who subscribe to the magazine. The company's accounting period follows a calendar year of January through December. 1. Employees are paid every Friday for the five-day week ending on that day. Salaries amount to $7,500 per week. This year, the company's current operating year concluded on Thursday, December 31, 2020. 2. A note for $4,800 was received from an advertising customer for a special onetime advertising transaction on September 1, 2020. The note is due in one year, plus interest at 9%. 3. On October 1, 2020, the company borrowed $60,000 cash by signing a note payable due in one year at 6% interest. 4. An insurance policy was renewed at a total premium cost of $9,600 paid in full on November 1, 2020. The premium is for 12-months beginning November 1, 2020. 5. On November 15, 2020, cash of $82,200 was received from subscribers (customers) for a special 24-month prepaid subscription beginning on December 1, 2020. The transaction was recorded by a debit to Cash and a credit to Unearned Subscription Revenue. 6. The Supplies account showed a balance of $780 at the beginning of 2020. Supplies costing $14,250 were purchased during 2020 and debited to the asset account supplies. An inventory count of supplies indicated $1,695 was still on hand at December 31, 2020. Required: prepare in journal entry form, the necessary year end December 31, 2020 adjustments based on the information above. Note: No adjusting entries have been made during the year. Important: be sure to use proper format and correct account names when preparing the adjusting entries. Question #2 A partial "adjusted" trial balance of Marine Repair Company at January 31, 2021, shows the following. Marine Repair Company Adjusted Trial Balance (partial) January 31, 2021 Debit Credit Supplies............................................................................................ $ 2,100 Prepaid Insurance ............................................................................ 14,850 Salaries and Wages Payable ........................................................... $1,310 Unearned Revenue .......................................................................... 3,350 Supplies Expense............................................................................. 2,380 Insurance Expense........................................................................... 1,650 Salaries and Wages Expense .......................................................... 7,630 Service Revenue .............................................................................. 19,880 Required: Answer the following questions, assuming the accounting year begins January 1st. Very Important: Do Not just provide an answer, you must show your detailed work/calculations. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $3,750 of supplies was purchased in January, what was the balance in Supplies on January 1st? (b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased? (c) If $7,080 of salaries was paid in January, what was the balance in Salaries and Wages. Payable at the end of December 31, 2020? (d) If $14,445 was received in January for services performed in January, what was the balance in Unearned Revenue at the end of December 31, 2020? Question #3 25 points Roger's Corporation's capital structure consists of 100,000 shares of common stock. At December 31, 2021 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue $2,335,000 Discontinued operations loss before tax 302,640 Selling expenses 99,610 Cash 60,000 Accounts receivable 90,000 Common stock 200,000 Cost of goods sold 1,232,650 Accumulated depreciation-machinery 180,000 Dividend revenue 16,900 Unearned service revenue 43,200 Interest payable 1,000 Land 370,000 Patents 100,000 Retained earnings, January 1, 2021 270,000 Interest expense 21.630 Administrative expenses 196,235 Dividends declared 24,000 Allowance for doubtful accounts 5,000 Notes payable (maturity 7/1/26) 200,000 Machinery 450,000 Supplies 40,000 Accounts payable 60,000 Instructions Prepare multiple-step income statement in proper form including earnings per share information. Note: The Income Tax Rate is 40%