The following information relates to Bradford Construction Ltd on December 31, 2020. The company uses the calendar year as its annual reporting period. Required: Include Explanations including your calculations Prepare the adjusting entries needed on December 31, 2020 using the working papers for Part F.

A. On July 1, 2019, the company purchased equipment that cost $50,000 and was expected to have a resale value of $5,000 after five years. (3 marks)

B. On August 1, 2020, the company agreed to work on a new housing project. For framing for 50 new homes, the company was paid $100,000 in advance. When the cash was received on August 1, 2020, that amount was credited to the Unearned Revenue account. Between August 1 and December 31, work on 30 homes was completed. (3 marks)

C. On October 1, 2020, the company purchased a two-year insurance policy for $4,560. The transaction was recorded with a $4,560 debit to Prepaid Insurance. (3 marks)

D. On October 1, 2020, the company provided a $2,500 service, which has not been recorded and the customer has not been billed as of December 31. (3 marks)