The following summary transactions occurred during Year 3 for Gelece, Inc. (Round calculations to the nearest whole dollar.) 1. On January 1, purchased equipment for cash of $42,100. The company incurred $1,350 in transportation costs, $1,100 installation fees. Trained a current employee to operate the equipment for a one-time training fee of $450. 2. Paid $30,000 for a one-year term insurance policy. 3. Purchased $800 of supplies on account to be used over the next several months by the business. The following summary transactions occurred during Year 3 for Gelece, Inc. (Round calculations to the nearest whole dollar.) 1. On January 1, purchased equipment for cash of $42,100. The company incurred $1,350 in transportation costs, $1,100 installation fees. Trained a current employee to operate the equipment for a one-time training fee of $450. 2. Paid $30,000 for a one-year term insurance policy. 3. Purchased $800 of supplies on account to be used over the next several months by the business. 4. Purchased $25,000 of inventory on account, FOB destination point. 5. The responsible party paid $315 cash to the shipping company in event \#4. 6. Sold inventory costing $37,000 for $71,000 on account with terms 1/15,n/45. 7. Paid $38,400 cash on accounts payable 8. Collected $65,000 of accounts receivable on items sold in event \# 6 after the discount period. 9. Paid dividends of $2,500. 10. Paid $1,850 for advertising expense for the year. 11. Wrote off an uncollectible account of $770. 12. On December 20 , received $15,000 cash in advance for services to be performed during Year 4. 13. Sold the land for $63,000 cash. Year-end Adjustments Adj 1. Accrued interest on the Note Receivable in the amount of $700. Adj 2. The insurance policy premium (event \#2) was made on April 1 for one-year coverage. Adj 3. After counting remaining supplies, Gelece determined that $900 of supplies had been used during the year. Adj 4. Recognized $4,500 of depreciation on equipment. Adj 5. Recognized uncollectible account expense for the year. Gelece uses the allowance method and estimates that 5% of the accounts receivable will not be collected. The following summary transactions occurred during Year 3 for Gelece, Inc. (Round calculations to the nearest whole dollar.) 1. On January 1, purchased equipment for cash of $42,100. The company incurred $1,350 in transportation costs, $1,100 installation fees. Trained a current employee to operate the equipment for a one-time training fee of $450. 2. Paid $30,000 for a one-year term insurance policy. 3. Purchased $800 of supplies on account to be used over the next several months by the business. The following summary transactions occurred during Year 3 for Gelece, Inc. (Round calculations to the nearest whole dollar.) 1. On January 1, purchased equipment for cash of $42,100. The company incurred $1,350 in transportation costs, $1,100 installation fees. Trained a current employee to operate the equipment for a one-time training fee of $450. 2. Paid $30,000 for a one-year term insurance policy. 3. Purchased $800 of supplies on account to be used over the next several months by the business. 4. Purchased $25,000 of inventory on account, FOB destination point. 5. The responsible party paid $315 cash to the shipping company in event \#4. 6. Sold inventory costing $37,000 for $71,000 on account with terms 1/15,n/45. 7. Paid $38,400 cash on accounts payable 8. Collected $65,000 of accounts receivable on items sold in event \# 6 after the discount period. 9. Paid dividends of $2,500. 10. Paid $1,850 for advertising expense for the year. 11. Wrote off an uncollectible account of $770. 12. On December 20 , received $15,000 cash in advance for services to be performed during Year 4. 13. Sold the land for $63,000 cash. Year-end Adjustments Adj 1. Accrued interest on the Note Receivable in the amount of $700. Adj 2. The insurance policy premium (event \#2) was made on April 1 for one-year coverage. Adj 3. After counting remaining supplies, Gelece determined that $900 of supplies had been used during the year. Adj 4. Recognized $4,500 of depreciation on equipment. Adj 5. Recognized uncollectible account expense for the year. Gelece uses the allowance method and estimates that 5% of the accounts receivable will not be collected