Sarasota Corp. prepares quarterly financial statements. The post-dosing trial balance at December 31, 2021, is presented below. SARASOTA CORP Post-Closing Trial Balance December 31, 2021 Credit Debit $23,200 22,200 Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation Equipment $1,400 22.000 13,000 Building 109,000 Accumulated Depreciation-Buildings 13.000 Land 20,000 Accounts Payable 12.060 87 000 Common Stock Retained Earnings $196,400 $196,400 During the first quarter of 2022, the following transactions occurred: 1 On February 1. Sarasota collected fees of $15.600 in advance. The company will perform $1.300 of services each month from February 1, 2022, to January 31, 2018 2. On February 1. Sarasota purchased computer equipment for $8,325 plus sales taxes of 5675. $2,775 cash was paid with the rest on account Check 8455 was used. 3. On March 1. Sarasota acquired a patent with a 10-year life for $9.000 cash. Check 1456 was used On March 28. Sarasota recorded the quarters sales in entry. During this period, Sarothad total sales of $10.000 not including the sales referred to in tem tabore account On March 29. Sarasota collected $173,000 from customers on account 6 on March 29, Sarasota paid 516,060 on accounts payable. Check 457 was used 7. On March 29, Sarasota paid other operating expenses of 5%6,500. Check 458 was used 8 On March 31. Sarasota wrote off a receivable of $100 for a customer who declared bankrupto 9. On March 31, Sarasota sold for $1.980 equipment that originally cost $13,000, it had an estimated life of 5 years and salvage of 51.000. Accumulated depreciation as of Decem 59.600 using the straight line method. Hint. Record depreciation on the equipment sold, then record the sale) Bank reconciliation data and justment data 1 The company reconcilesitsbank statement every quarter Information from the December 31, 2021, bank reconciliation Deposit intre 12/30/2021 $4.000 Outstanding checks 1440 2452 400 453 5,845 The bank statement received for the quarter ended March 31, 2022, is as follows S1025 Beginning balance perbank $29.645 Deposits: 1/2/2022, 54,000, 2/2/2022,515,600, 3/30/2022, 5173,000 192,600 Checks 1452, 5400, 453.5900, 457,516,060,458, 596,500 (113.860) Debit mema: Bank service charge record as operating expense) (1000 Ending bank balance 2. Record revenue earned from item 1 above 3. $26,000 of accounts receivable at March 31, 2022, are not past yet. The bad debt percentage for thesis . The balance of accounts receivable are past due. The bad debt percentage for these is 24.00%. Record bad debt expense. (Hint: You will need to compute the balance in accounts receivable before calculating this) 4 Depreciation is recorded on the equipment still owned at March 31, 2022. The neweguipment purchased in February is being deprecated on a straight lines over 5 years and salvage value was estimated at $900. The old equipment till owned is being deprecated over a 10 years using straight-line with no savage value 5. Depreciation is recorded on the building on a straight line basis based on a 30-year life and a salvage value of $16.000. & Amortization is recorded on the potent 7. The income tax rates Box. This amount will be paid when the tax return is due in April. Hint. Prepare the income statement up to income before and multiply by som to compute the amount) e sare utomatically indented when amount is entered Do not inden ma n ein e Record journal entries for transactions 1-. C for the amount Ne Entry for the accounts and Date No Account Titles and Explanation Debit Credit Date No. Account Titles and Explanation Debit Credit 2