Ruby Red Corporations Unadjusted Trail Balance as of December 31, 2020 is listed below.

Ruby Red is a public company that files its annual financial statements with the SEC. Use the information to complete questions 1 - 3. (4 points each question/sub-question)

Accounts	Debit	Credit
Cash	$ 39,400
Accounts Receivable	20,000
Building	400,000
Bonds Payable		30,000
Common Stock, $1 par		238,983
Sales Revenue		190,917
Dividend Revenue		$4,300
Rent Expense	$1,800
Supplies Expense	$3,000
Total	$464,200	$464,200

1. On 5/1/20 Ruby Red issued a bond with a 5% annual interest rate in order to generate cash. The bond requires interest payments every 6 months. The principle amount is due 3 years from the date that it was issued.
   1. Record the journal entry related to the first interest payment:

2. Record the adjusting journal entry for Ruby Red on 12/31/20 related to interest:

2. On 12/1/20 Ruby Red paid for its rent for the months of December, January and February. This equipment rental cost $600 per month.
   1. Record Ruby Reds original journal entry.

2. Record the adjusting journal entry for Ruby Red on 12/31/20 related to this transaction.

3. Ruby Red purchased a building on 3/1/20 and uses the straight-line method to depreciation this asset. The asset has a useful life of 10 years with salvage value of $5,000. Record the adjusting journal entry for depreciation for Ruby Red on 12/31/20.vv