Required Information One Product Corp. (OPC) Incorporated at the beginning of last year. The balances on Its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Sales Tax Payable FICA Payable Withheld Income Taxes Payable Salaries and Wages Payable Unemployment Tax Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In Capital, Common 19,385 Retained Earnings Treasury Stock $19,58 8,270 945 12,900 1,720 32,200 3,120 500 600 500 1,600 300 4,580 509 22,600 14,900 9,100 4,080 The following information is relevant to the first month of operations in the following year . OPC sells its inventory at $150 per unit, plus sales tax of 6%,OPC's January 1 Inventory balance consists or 180 units at a total cost of $12,900. OPC's policy is to use the FIFO method, recorded using a perpetual Inventory system. The $1,720 In Prepald Rent relates to a payment made in December for January rent this year . The equipment was purchased on July 1 of last year. It has a residual value of $1,000 and an expected life of five Employee wages are $4,000 per month. Employees are pald on the 16th for the first half of the month and on the It is being depreciated using the straight-line method. first day of the following month for the second half of each month. Withholdings each pay pertod Include $250 of income taxes and $150 of FICA taxes. These withholdings and the employer's matching contribution are pald monthly on the second day of the following month. In addition, unemployment taxes of $50 are accrued each pay period, and will be pald on March 31 Deferred Revenue is for 30 units ordered and pald for in advance by two customers in late December. One order of 25 units is to be filled In January, and the other will be filled in February Notes Payable arises from a three-year, 9 percent bank loan recelved on October 1 last year . The par value on the common stock Is $2 per share. Treasury Stock arises from the reacquisition of 500 shares at a cost of $8 per share January Transactions a On 1o1, OPC paid employees' salartes and wages that were prevtously accrued on December 31 b. A truck is purchased on 1i02 for $10,500 cash. It is estimated this vehicle will be used for 50,000 miles, after which it will have no residual value c. Payroll withholdings and employer contributions for December are remitted on 1/03 d. OPC declares a $0.50 cash dividend on each share of common stock on 1/04, to e. be pald on 1/10 A $980 customer account is written off as uncollectible on 1/05 recorded sales of 175 units of inventory on account Sales tax is charged but not yet collected or remted to the state. g Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07 h. On 1/08, OPC Issued 300 shares of treasury stock for $2,400 Collections from customers on account, totaling $13,963, are recorded on 1/09. / On 1, distributes the S0.50 cash dvndend declared on January 4. The company's stock price is currenty s5 per k. OPC purchases on account and recelves 70 units of Inventory on 1/11 for $4,620 share. The equipment purchased last year for $32,200 Is sold on 1/15 for $31,400 cash. Record depreclation for the first half of January prior to recording the equipment disposal. matching share of FICA taxes. Interest accrued in December and an additional $93 Interest through January 17 m. Payroll for January 1-15 is recorded and pald on 1/16. Be sure to accrue unemployment taxes and the employer's n. Having sold the equipment, OPC pays off the note payable In full on 1/17 The amount paid is $23.202, which Includes o. On 1/27, OPC records sales of 30 units of Inventory on account. Sales tax is charged but not yet collected or remitted p. A portion of the advance order from December (25 units) Is delivered on 1/29. No sales tax is collected on this transaction because the customer is a U.S. governmental organization that is exempt from sales tax. g. To obtaln funds for purchasing new equipment, OPC ISsued bonds on 1/30 with a total face value of $96,000, statecd Interest rate of 5 percent, annual compounding, and six-year maturity date. OPC recetved $86,848 from the bond Issuance, which Imples a market interest rate of 7 percent r On 1/31, OPC records units-of-production depreciation on the vehicle (truck), which was driven 2.000 miles this month. OPC estimates that 2% of the ending accounts receivable balance will be uncollectible. Adjust the applicable accounts on 1/31, using the allowance method On 1/31, adjust for January rent expired u Accrue January 31 payroli on 1/31, which will be payable on February 1. Be sure to accrue unemployment taxes and the employer's matching share of FICA taxe v Accrue OPC's corporate income taxes on 1/31, estimated to be $4,060 RequirementJournal edaer Trial Balance StatementStockholders Balance Sheet Analysis Equity General Journal tab -Prepare all January journal entries and adjusting entries for items (a)-(v). Review the 'General Ledger and the adjusted 'Trial Balance Tabs to see the effect of the transactions on the account balances. Trial Balance tab-Review the adjusted 'Trial Balance' as of January 31 Income Statement tab-Prepare an income statement for the period ended January 31 in the 'Income Statement' Tab. Statement of Stockholders Equity tab - Prepare the statement of stockholders' equity for the month ended January 31. Balance Sheet tab Prepare a classified balance sheet as of January 31 in the 'Balance Sheet' Tab. Analysis tab- Using the information from the requirements above, complete the 'Analysis' tab. General Journal >