Question 2 Not yet answered Marked out of 1.00 The accounting cycle for Paris Project Limited is from January 1 to December 31. At the start of July, the company signed an agreement to purchase a new warehouse for $30,000,000. The company paid 50% in cash and the remainder by taking out a 5-year loan. Annual interest expense on the loan is $3,000,000. Interest will be paid in cash on June 30 each year of the loan period. Annual depreciation on the new warehouse is $3,200,000. At the end of the accounting cycle the CFO of Paris Project Limited estimated that the new warehouse would have increased electricity and water usage from last year by 20%. Utility expenses (that com and water) totaled $4,000,000 for the last full year. Required: At the end of the accounting cycle Paris Project Limited would have made adjustment entries to 'Interest Payable', 'Depreciation Expense', and 'Utility Expenses' of the following amounts? P Flag question Select one: 0 a. Credit. Depreciation Expense - $3,000,000; Debit. Interest Payable - $3,200,000; Credit. Utility Expense - $4,800,000 b. Credit. Depreciation Expense - $1,600,000; Debit. Interest Payable - $1,500,000; Credit. Utility Expense - $4,800,000 c. Debit. Depreciation Expense - $3,000,000; Credit. Interest Payable - $3,200,000; Debit. Utility Expense - $4,800,000 d. Debit. Depreciation Expense - $1,600,000; Credit. Interest Payable - $1,500,000; Debit. Utility Expense - $4,800,000 Question 1 Not yet answered Marked out of 100 Bobby Bones has just joined Bad Manufacturing Limited. His first task is to prepare the financial statements of the company for the end of the accounting cycle. He was provided with the following list of post-adjustment trial balances. Flag question Account Name Debit Credit Accounts Payable $8,920,000.00 Accounts Receivable $13,500,000.00 Accumulated Depreciation: Vehicles $55,000,000.00 Administration and General Expenses " $21,800,000.00 Cash at the Bank $13,500,000.00 Cost of Goods Sold $45,000,000.00 Vehicles $145,000,000.00 Interest Payable $5,500,000.00 Interest Revenue $1,250,000.00 Land $7,100,000.00 Long-Term Investments $5,900,000.00 Long-Term Loans $65,000,000.00 Merchandise Inventory M $7,750,000.00 Prepaid Expenses $2,120,000.00 Retain Earnings $11,545,000.00 Sale Returns and Allowances $2,450,000.00 Sales and Distribution Expenses $49,000,000.00 Sales Discounts $2 240,000.00 Sales Revenue (Gross) $145,000,000.00 Share Capital $41,000,000.00 Tax Expenses $5,400,000.00 Unearned Revenue $1,450,000.00 Required: What is value of total current assets based on the post-adjustment trial balances? -? Select one: : o a. $38,320,000 O b. $36,870,000 O c. 536,200,000 0 d. $27,000,000