Question 6 of Current Attempt In Progress The trial balance for Crane Fireplaces toc for December 31, 2024, follow Den't Credit Balances Cach 561530 Accounts recevable 21260 Inventory 73350 Supplies 3900 Prepaid rent 54040 Land 61600 Building 116000 Accumulated depreciation building $15.090 Accounts payable 6500 Interest owable 10. 0 Income tax payable Deferred revenue 9600 Barkloan payable 51.200 Common shares 1160000 Retained earning 20/480 Sales revenue 846800 Cost of goods s 371100 Wagoxcense 73150 Rent expense Supplies expense Depreciation expense 10 0 Miscellaneous expense 10780 Income tax expense Dividends declared Totals 4.160 $645.670 $945.670 Additional information to adjusting entries Question 6 of 6 Additional information for adjusting entries -/20 1 The deposits from customers were for future deliveries. As at December 31, three-quarters of these goods had been delivered. 2. There is $1,540in wages owed at year end. 3. Rent is paid in advance on the last day of each month. There was a balance of $2.080 in the Prepaid Rent account on January 1 2024. At the end of January. $2.080 was paid for the February rent and was debited to the Prepaid Rent account. All the rent payments during the year were treated the same way. The rent for July to December increased to $3,080 per month. (Hint Determine the amount of rent expense for 2024, as well as the correct amount that has been prepaid for 2025, and make an adjustment that will bring both these accounts to the correct balances.) 4 A count of the supplies at year end revealed that $390of supplies were still on hand 5. The building is being depreciated over 20 years with a residual value of $15,400 6. The bank loan was taken out on April 1, 2024. The first interest payment is due on April 1, 2025 The interest rate is 10% 7. Income tax for the year should be calculated using a tax rate of 30% (Hint: After you finish the other adjusting entries, you will have to determine the income before income tax and then calculate the tax as 30% of this amount) Prepare the adjusting entries for the year 2024 (List all debit entries before credit 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 O for the amounts No. Account Titles and Explanation Debit Credit 5. 6. 7 The trial balance for Crane Fireplaces Inc. for December 31, 2024, follows: Debit balances Credit balances Cash $68.530 Accounts receivable 29.260 Inventory 73.150 Supplies 3,900 Prepaid rent 34,040 Land 61.600 Building 116,000 Accumulated depreciation, building $15.090 Accounts payable 16.500 Wages payable O 0 Interest payable Income tax payable 0 Deferred revenue 9,600 31,200 Bank loan payable Common shares 116,000 Retained earnings 10,480 Sales revenue 646,800 Cost of goods sold 371.100 Wages expense 73,150 Rent expense O Supplies expense Depreciation expense 0 Interest expense 0 Miscellaneous expense 10.780 Income tax expense 0 Dividends declared 4.160 Totals $845.670 $845,670 Additional information for adjusting entries: