Question 1 The trial balance of the BCC Pte Ltd for 31 December, 20X1, includes the following account balances: BCC Pte Ltd Trial Balance 31 December 20X1 Account Title Credit $ Debit $ 155,700 76,200 43,260 1,200 96,000 306,300 170,000 51,000 440,000 Cash Accounts receivable Inventory Prepaid Insurance Prepaid rent Purchases Motor vehicles Accumulated depreciation - MV Equipment Accumulated depreciation - Equipment Revenue Share Capital Retained earnings Accounts payable Notes payable Salaries expense Utilities expense Rental expense Interest expense Telephone expense Income tax expense Insurance expense Income tax payable 165,000 652,920 350,000 87,500 28,800 200,000 183,800 26,100 24,000 6,000 6,360 4,030 300 4,030 1,539,250 1,539,250 Other information on 31 December 20X1 includes the following: (i) On 1 July 20X1, the company renewed its rent for 2 years to continue operating in the current location and made a payment of $96,000. (ii) The company paid $1,200 to renew its insurance policy for another years on 1 April 20X1. (iii) On 1 October 20X1, the company issued 3-year notes payable of $200,000. The yearly interest of 4% will be paid on the date of issuance annually. (iv) On 23 November 20X1, the company paid $23,350 for the salaries but the account clerk debited the amount to accounts payable. (v) On 6 December, 20X1 a customer paid $1,500 for an item to be delivered the next month. (vi) On 27 December, the company received a utility bill amounting to $1,820. The bill was not recorded nor paid. (vii) On 28 December 20X1, the company sold off an equipment costing $20,000 with a net book value of $500 for $700. (viii) On 30 December 20X1, 50,000 new shares were issued to existing shareholders at $2 per share. (ix) A stock count was made and the inventory at year end was $32,000. Required: (a) record the adjusting Apply the accounting principles and concepts you have learned journal entries for BCC Pte Ltd for the year 20X1. (22 marks) (b) After incorporating the necessary adjusted journal entries, present and show: (i) The statement of comprehensive income; (ii) The statement of changes in equity; and (iii) The statement of financial position of BCC Pte Ltd for the year 20X1. (28 marks)