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Thornton Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $910,000 of cash from the owners. 2. Purchased $350,000 of manufacturing equipment. The equipment has a $46,000 salvage value and a four-year useful life. Label the purchase of the equipment as Event 2a and the recognition of depreciation as Event 21:. 3. The company started and completed 6,600 modems. Direct materials purchased and used amounted to $56 per unit. 4. Direct labor costs amounted to $41 per unit. 5. The cost of manufacturing supplies purchased and used amounted to $20 per unit. 6. The company paid $66,000 to rent the manufacturing facility. 1. Thornton sold all 6,600 units at a cash price of $200 per unit. Label the recognition of the sale as Event 'Ia and the cost of goods sold as Event 7b. (Hint: It will be necessary to determine the manufacturing costs in order to record the cost of goods sold.) 3. The sales staff was paid a $14.00 per unit sales commission. 9. Paid $55,000 to purchase equipment for administrative offices. The equipment was expected to have a $4,600 salvage value and a three-year useful life. Label the purchase of the equipment as Event 93 and the recognition of depreciation as Event 9b. 10. Administrative expenses consisting of office rental and salaries amounted to $79,950. Required a. Record the transaction data for Thornton Modems, Inc. in the financial statements like the one shown as follows. The rst transaction is recorded as an example. b-1. Prepare an income statement. b-2. Prepare a balance sheet. Req A Req B1 Req B2 Record the transaction data for Thornton Modems, Inc. in the financial statements like the one shown as follows. The first transaction is recorded as an example. (Enter decreases to account balances with a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) THORNTON MODEMS, INC. Balance Sheet Event Assets Income Statement No. Equity Cash + Inventory + Manuf. Office Common Retained Net Equip. Equip. Stock Earnings Rev. Exp. Inc. 1. 910,000 + + + 910,000 + = 2a. (350,000) + + 350,000 + = + = 2b. + + (76,000) + + = 3. (369,600) + + + S + 76,000 X E 4. (270,600) + + S + 5. (132,000) + + + = + = 6 (66,000) + + + = + 7a. 1,320,000 + + + S + 7b. + + + S + 1,320,000 X 838,200 X E 8. (92,400) + + = + 92,400 9a. (55,000) + + 55,000 + 9b. + + + (16,800) + 16,800 10 (79,950) + + + + 79,950 Total 814,450 + 0 + 274,000 + 38,200 = 910,000 + 0 1,320,000 1, 103,350 0 Complete this question by entering your answers in the tabs below. Cost of goods sold 9 $ 1,320,000 0 Depreciation expense 6 838,200 0 Gross margin 0 481,800 76,000 9 Rent expense 6 16,800 0 Sales commission 0 92,400 0 Administrative expense 0 79,950 0 Net income 0 $ 216,650 6 Answer is not complete. Complete this question by entering your answers in the tabs below. Assets: Manufacturing equipment, net of acc. depreciation o $ 274,000 0 35,200 9 814,450 9 $ 1,126,650 Total assets Common stock Total stockholders' equity