Question 6 of 9 - / 11 is as follows. Cost December 31, 2019 December 31, 2020 $101,500 $82,500 Fair Value $101,500 $80,700 7. At December 31, 2020, an analysis of payroll information shows accrued salaries of $11,200. The Salaries and Wages Payable account had a balance of $17,400 at December 31, 2020, which was unchanged from its balance at December 31, 2019. 8. 9. A large piece of equipment was purchased on January 3, 2020, for $43,200 and was charged to Maintenance and Repairs Expense. The equipment is estimated to have a service life of 8 years and no residual value. Sage normally uses the straight-line depreciation method for this type of equipment. A $11,700 insurance premium paid on July 1, 2019, for a policy that expires on June 30, 2022, was charged to insurance expense. A trademark was acquired at the beginning of 2019 for $53,300. No amortization has been recorded since its acquisition. The maximum allowable amortization period is 10 years. 10. Assume the trial balance has been prepared but the books have not been closed for 2020. Assuming all amounts are material, prepare journal entries showing the adjustments that are required. (Ignore income tax considerations.) (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.) No. Account Titles and Explanation Debit Credit 1. Retained Earnings Question 6 of 9 - / 11 III No. Account Titles and Explanation Debit Credit 1. Retained Earnings Accumulated Depreciation-Equipment 2. Cost of Goods Sold Inventory 3. 4. 5. 6. 7. Question 6 of 9 - / 11 7. 8. 9. 10. e Textbook and Media List of Accounts Assistance Used