The Goody Shop Ltd.'s unadjusted trial balance accounts and amounts (prior to recording any rember 31, 2020, the end Additional notes: 1. The Land and Building was purchased January 1, 2019. The building had been estimated to have a useful life of 25 years and a residual value of $20,000. The company uses straight-line depreciation for the Building. 2. At January 1, 2020 there were 200,000 common shares outstanding with a total value of $20,000. 3. During the year cash dividends of $1,500 were paid. 4. The Equipment was purchased on February 1, 2020 and is estimated to have a useful life of five years and a residual value of $5,000. The company uses double diminishing balance depreciation method for the Equipment. 5. Ignore any income tax expense. 6. Please round all final amounts to a whole number. 7. Please add additional accounts as necessary. Required: Prepare any adjusting journal entries required from the items noted above and below to finalize the trial balance for The Goody Shop Ltd.'s for the December 31, 2020 year end. If there is no entry required state "no entry" and if there is an entry required show any calculations and the journal entry. The following transactions occurred during the year: 1. On June 30th,2020 the company sold its land and building. The proceeds on the sale was $400,000 cash. The bookkeeper didn't know how to record this, so he recorded it as Debit Cash \$400,000, Credit "Ask Accountant" \$400,000. 2. On May 31st,2020 the company purchased a new piece of land and building in exchange for a $450,000,20 year, 7\% bank loan. The loan calls for annual payments of $22,500 plus interest. The fair market value (FMV), as assessed by a property inspector, was $500,000 in total with $300,000 assigned to the land and $200,000 assigned to the building. The building is estimated to have a useful life of 30 years and a residual value of $50,000. The company uses straight-line depreciation for the Building. The bookkeeper didn't record anything for this transaction as the first bank loan payment plus interest isn't due until May 31st,2021. 3. On August 1st,2020 the company reacquired and retired 50,000 common shares for $1.00 per share. The bookkeeper didn't know how to record this, so he recorded it as Debit "Ask Accountant" $50,000, Credit Cash $50,000. 4. On November 1st,2020 the company declared a 10% stock dividend to common shareholders. The stock's market price was $1.50. November 15th was the date of record and November 30th was the date of payment. On November 15th the stock's market price was $1.60 and on November 30th the stock's market price was $1.65. The bookkeeper didn't record anything for this transaction. 5. On December 1, 2020 the company purchased a truck "on account" from Bob's Auto and Insurance Co. Eight Corporation estimated the truck to have a useful life of 10 years and no residual value and plans to use the double diminishing balance depreciation method. The cost of the truck (a total of $71,880 ) included $65,000 for the truck, $2,000 to have the company logo painted on the truck, $100 for the annual license plate sticker, $500 for a delivery fee (as they needed the truck delivered to their Fort McMurray location), $900 for the insurance for the first six (6) months of operation and GST of $3,380. Note: all these amounts are to be paid to the same company (Bob's Auto \& Insurance Co.). The terms for payment are net 40 . The truck was delivered on December 1 st and was immediately put to use. The bookkeeper didn't record any journal entries for this transaction as it won't be paid until January 9th, 2021. 6. The Goody Shop uses a perpetual inventory system. A physical inventory count determined that inventory on December 31,2020 was $28,000. 7. The company reviewed the inventory for obsolesce and determined that the LCNRV of inventory was $27,000 on December 31,2020. 8. It was determined that a customer owing $2,000 has gone bankrupt and will not be paying their outstanding accounts receivable balance. 9. After noting \#8, the credit manager reviewed the outstanding accounts receivable at December 31,2020 and estimated that $13,000 of its year end accounts receivable balance would become uncollectible. 10. The company last paid its full-time salaried employees on Friday, December 18th and the next payroll will be paid on January 1st, 2021. Employees earn $2,000 a week for a fiveday (Monday to Friday) work week. Employees will have worked for nine (9) days before the year end that they have not been paid by year end. The Goody Shop Ltd.'s unadjusted trial balance accounts and amounts (prior to recording any rember 31, 2020, the end Additional notes: 1. The Land and Building was purchased January 1, 2019. The building had been estimated to have a useful life of 25 years and a residual value of $20,000. The company uses straight-line depreciation for the Building. 2. At January 1, 2020 there were 200,000 common shares outstanding with a total value of $20,000. 3. During the year cash dividends of $1,500 were paid. 4. The Equipment was purchased on February 1, 2020 and is estimated to have a useful life of five years and a residual value of $5,000. The company uses double diminishing balance depreciation method for the Equipment. 5. Ignore any income tax expense. 6. Please round all final amounts to a whole number. 7. Please add additional accounts as necessary. Required: Prepare any adjusting journal entries required from the items noted above and below to finalize the trial balance for The Goody Shop Ltd.'s for the December 31, 2020 year end. If there is no entry required state "no entry" and if there is an entry required show any calculations and the journal entry. The following transactions occurred during the year: 1. On June 30th,2020 the company sold its land and building. The proceeds on the sale was $400,000 cash. The bookkeeper didn't know how to record this, so he recorded it as Debit Cash \$400,000, Credit "Ask Accountant" \$400,000. 2. On May 31st,2020 the company purchased a new piece of land and building in exchange for a $450,000,20 year, 7\% bank loan. The loan calls for annual payments of $22,500 plus interest. The fair market value (FMV), as assessed by a property inspector, was $500,000 in total with $300,000 assigned to the land and $200,000 assigned to the building. The building is estimated to have a useful life of 30 years and a residual value of $50,000. The company uses straight-line depreciation for the Building. The bookkeeper didn't record anything for this transaction as the first bank loan payment plus interest isn't due until May 31st,2021. 3. On August 1st,2020 the company reacquired and retired 50,000 common shares for $1.00 per share. The bookkeeper didn't know how to record this, so he recorded it as Debit "Ask Accountant" $50,000, Credit Cash $50,000. 4. On November 1st,2020 the company declared a 10% stock dividend to common shareholders. The stock's market price was $1.50. November 15th was the date of record and November 30th was the date of payment. On November 15th the stock's market price was $1.60 and on November 30th the stock's market price was $1.65. The bookkeeper didn't record anything for this transaction. 5. On December 1, 2020 the company purchased a truck "on account" from Bob's Auto and Insurance Co. Eight Corporation estimated the truck to have a useful life of 10 years and no residual value and plans to use the double diminishing balance depreciation method. The cost of the truck (a total of $71,880 ) included $65,000 for the truck, $2,000 to have the company logo painted on the truck, $100 for the annual license plate sticker, $500 for a delivery fee (as they needed the truck delivered to their Fort McMurray location), $900 for the insurance for the first six (6) months of operation and GST of $3,380. Note: all these amounts are to be paid to the same company (Bob's Auto \& Insurance Co.). The terms for payment are net 40 . The truck was delivered on December 1 st and was immediately put to use. The bookkeeper didn't record any journal entries for this transaction as it won't be paid until January 9th, 2021. 6. The Goody Shop uses a perpetual inventory system. A physical inventory count determined that inventory on December 31,2020 was $28,000. 7. The company reviewed the inventory for obsolesce and determined that the LCNRV of inventory was $27,000 on December 31,2020. 8. It was determined that a customer owing $2,000 has gone bankrupt and will not be paying their outstanding accounts receivable balance. 9. After noting \#8, the credit manager reviewed the outstanding accounts receivable at December 31,2020 and estimated that $13,000 of its year end accounts receivable balance would become uncollectible. 10. The company last paid its full-time salaried employees on Friday, December 18th and the next payroll will be paid on January 1st, 2021. Employees earn $2,000 a week for a fiveday (Monday to Friday) work week. Employees will have worked for nine (9) days before the year end that they have not been paid by year end