The unadjusted pre-closing 12/31/24 account balances for the Mahoney Company are listed below: Net Sales $12,540 Net Purchases 9,418 Selling Expenses 460 Cash 897 Machines 6,429 Accumulated Depreciation, Machines 2,564 Accounts Payable 1,445 Retained Earnings 7,382 Allowance for Doubtful Accounts 86 Building 8,000 Accumulated Depreciation, Building 780 Common Stock 4,460 Accounts Receivable 2,054 Depreciation Expense, Machines 1,074 Inventory @ 1/1/24 (periodic method used) 925 During your audit, you discover the following five items that have yet to be recorded: No depreciation on the building has been recorded in 2024. Depreciation on the building is based on Double-Declining Balance. It was purchased on 1/1/22 and has an estimated useful life of 40 years. The estimated salvage value is $670. Mahoney exchanged a machine for a similar machine on 12/31/24. The original machine cost $3,429 and had a book value of $2,134. The new machine had a fair value of $1,823; Mahoney also received $270 in cash. The exchange did not have commercial substance. Mahoney also exchanged its only other machine for a different machine on 12/31/24. The original machine cost $3,000 and had a book value of $1,731. The fair value was $1,987. Mahoney paid cash of $396 as well. The exchange had commercial substance. Mahoney uses the Balance Sheet approach to adjust Accounts Receivable to Net Realizable Value. At 12/31/24, uncollectible receivables are estimated to be 5% of Accounts Receivable. Ending Inventory is to be estimated using the Gross Profit Method. The historic Gross Profit percentage is 20%. (See additional information on next page.) Required Record journal entries for items #1-#4 above; show supporting computations. In addition, compute ending inventory per #5 above; show supporting computations. Assume closing entries were made properly. Draft the 2024 Condensed Income Statement and the 12/31/24 Balance Sheet. Use the Cabrera and the Uptown Cabinet format examples in the text. Assume no taxes. Do not include EPS.