Requlred information [The following information applies to the questions displayed below.] One Product Corporation (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: The following information is relevant to the first month of operations in the following year. The following information is relevant to the first month of operations in the following year: - OPC selis its inventory at $150 per unit, plus sales tax of 6 percent. OPC's January 1 inventory balance consists of 180 units at a total cost of $12,600. OPC's policy is to use the FIFO method, recorded using a perpetual inventory system. - The $1,900 in Prepaid Rent relates to a payment made in December for January rent this year. - The equipment was purchased on July 1 of last yeat. it has a residual value of $1,000 and an expected life of five years, it is being depreciated using the straight-line method. - Employee wages are $4,000 per month. Employees are paid on the 16 th for the first half of the month ond on the first day of the following month for the second half of each month. Withholdings each pay period include $250 of income taxes and $150 of FiCA taxes. These withholdings and the employer's matching contribution are paid monthly on the second day of the following month. In addition, unemployment taxes of $50 are accrued each pay period, and will be paid on March 31. - Deferred Revenue is for 30 units ordered and paid 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 orises from o three-year, 9 percent bank loan fecelved 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 v01, OPC poid employees' salaries and wages that were previously acerued on December 31. b. A truck is purchased on 102 for $9,000cash. It is estimated this vehiclo will bo used for 50,000 milles, after which it will bave no residual value. c. Poyroll withholdings and employer contributions for December are rematted on v03 d. OPC deciares a 50.50 cash dlvidend on each share of common stock on 1,04, to be pald on 1/10. o. A$1,025 customer account is written off as uncollectible on 105 6. On 106, recorded sales of 175 units of imventory on account. Sales tax is charged but not yet collected or remitted to the state. the state. 9. Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07. h. On 108, OPC issued 300 shares of treasury stock for $2,400. 1. Collections from customers on account, totaling $17,921, are recorded on 1/09. 1. On 1/10, OPC distributes the $0.50 cash dividend declared on January 4 . The company's stock price is currently $5 per share. k. OPC purchases on account and recelves 70 units of inventory on 1/11 for $4,200. 1. The equipment purchased last year for $43,000 is sold on 1/15 for $44,000cash. Record depreciation for the first half of January prior to recording the equipment disposal. m. Payroll for January 1-15 is recorded and paid on 1/16. Be sure to accrue unemployment taxes and the employer's matching share of FICA taxes. n. Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $24,126, which includes interest accrued in December and on additional $97 interest through January 17. o. On V27, 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, 7. To obtain funds for purchasing new equipment, OPC issued bonds on 1/30 with a total face value of $105,000, stated interest rate of 5 percent, annual compounding, and six-year maturity dete. OPC recelved $94,990 from the bond Issuance, which implies a market interest rate of 7 percent. c. On V31, OPC records units-of-production depreciation on the vehicle (truck). which was driven 2,000 miles this month. 5. OPC estimates that 2% of the ending accounts receivoble bolance will be uncollectible. Adjust the applicable accounts on 1/31, using the allowance method. t On V31, adjust for January rent expired. 4. Acerue January 31 payroli on 1/31, which will be payable on February 1 . Bo sure to acerue unemployment taxes and the employer's matching share of FiCA taxes. 4. Accrue OPC's corporate income taxes on 1/31, estmated to be $5,280. ONE PRODUCT CORPORATION Income Statement For the Month Ended January 31 Rather than distribute a cash dividend in January (see item j), OPC considered Issuing a 30 percent stock dividend on common stocik. What joumal entry would OPC record had a 30 percent stock dividend been issued? (if no entry is required for a transactionvevent, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the issuance of 30 percent stock dividend. Froted Enter debis boforn crrdits What journal entry would OPC record had a 10 percent stock dividend been issued? (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld.) Journal entry worksheet Record the issuance of 10 percent stock diddend. Note: Enter debits before credits. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. You will need to determine and enter the beginning and ending balances. Required information Using the information from the requirements above, complete the 'Analysis' tab. Requlred information [The following information applies to the questions displayed below.] One Product Corporation (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: The following information is relevant to the first month of operations in the following year. The following information is relevant to the first month of operations in the following year: - OPC selis its inventory at $150 per unit, plus sales tax of 6 percent. OPC's January 1 inventory balance consists of 180 units at a total cost of $12,600. OPC's policy is to use the FIFO method, recorded using a perpetual inventory system. - The $1,900 in Prepaid Rent relates to a payment made in December for January rent this year. - The equipment was purchased on July 1 of last yeat. it has a residual value of $1,000 and an expected life of five years, it is being depreciated using the straight-line method. - Employee wages are $4,000 per month. Employees are paid on the 16 th for the first half of the month ond on the first day of the following month for the second half of each month. Withholdings each pay period include $250 of income taxes and $150 of FiCA taxes. These withholdings and the employer's matching contribution are paid monthly on the second day of the following month. In addition, unemployment taxes of $50 are accrued each pay period, and will be paid on March 31. - Deferred Revenue is for 30 units ordered and paid 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 orises from o three-year, 9 percent bank loan fecelved 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 v01, OPC poid employees' salaries and wages that were previously acerued on December 31. b. A truck is purchased on 102 for $9,000cash. It is estimated this vehiclo will bo used for 50,000 milles, after which it will bave no residual value. c. Poyroll withholdings and employer contributions for December are rematted on v03 d. OPC deciares a 50.50 cash dlvidend on each share of common stock on 1,04, to be pald on 1/10. o. A$1,025 customer account is written off as uncollectible on 105 6. On 106, recorded sales of 175 units of imventory on account. Sales tax is charged but not yet collected or remitted to the state. the state. 9. Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07. h. On 108, OPC issued 300 shares of treasury stock for $2,400. 1. Collections from customers on account, totaling $17,921, are recorded on 1/09. 1. On 1/10, OPC distributes the $0.50 cash dividend declared on January 4 . The company's stock price is currently $5 per share. k. OPC purchases on account and recelves 70 units of inventory on 1/11 for $4,200. 1. The equipment purchased last year for $43,000 is sold on 1/15 for $44,000cash. Record depreciation for the first half of January prior to recording the equipment disposal. m. Payroll for January 1-15 is recorded and paid on 1/16. Be sure to accrue unemployment taxes and the employer's matching share of FICA taxes. n. Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $24,126, which includes interest accrued in December and on additional $97 interest through January 17. o. On V27, 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, 7. To obtain funds for purchasing new equipment, OPC issued bonds on 1/30 with a total face value of $105,000, stated interest rate of 5 percent, annual compounding, and six-year maturity dete. OPC recelved $94,990 from the bond Issuance, which implies a market interest rate of 7 percent. c. On V31, OPC records units-of-production depreciation on the vehicle (truck). which was driven 2,000 miles this month. 5. OPC estimates that 2% of the ending accounts receivoble bolance will be uncollectible. Adjust the applicable accounts on 1/31, using the allowance method. t On V31, adjust for January rent expired. 4. Acerue January 31 payroli on 1/31, which will be payable on February 1 . Bo sure to acerue unemployment taxes and the employer's matching share of FiCA taxes. 4. Accrue OPC's corporate income taxes on 1/31, estmated to be $5,280. ONE PRODUCT CORPORATION Income Statement For the Month Ended January 31 Rather than distribute a cash dividend in January (see item j), OPC considered Issuing a 30 percent stock dividend on common stocik. What joumal entry would OPC record had a 30 percent stock dividend been issued? (if no entry is required for a transactionvevent, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the issuance of 30 percent stock dividend. Froted Enter debis boforn crrdits What journal entry would OPC record had a 10 percent stock dividend been issued? (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld.) Journal entry worksheet Record the issuance of 10 percent stock diddend. Note: Enter debits before credits. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. You will need to determine and enter the beginning and ending balances. Required information Using the information from the requirements above, complete the 'Analysis' tab