The unadjusted trial balance of Swifty Ltd, a public company following IFRS, at December 31, 2023, is as follows: Debit Credit Cash $10,050 Accounts receivable 56,100 Allowance for doubtful accounts $745 FV-NI investments 8.500 Inventory 56,800 Prepaid insurance 3,096 Prepaid rent 11.850 FV-OCI investments 14,200 Bond investment at amortized cost 20,000 Land 10,250 Equipment 100,000 Accumulated depreciation-equipment 16.500 Accounts payable Bonds payable 7,100 60,000 Common shares 100,400 Retained earnings Sales revenue 88,401 222,600 Rent revenue 10,260 Purchases 168,500 Purchase discounts 2,200 Freight out 8,950 Freight in 3.800 Salaries and wages expense 30,000 Interest expense 5,300 Miscellaneous expense 810 $508,206 $508,206 Additional information: 1. 2. On November 1, 2023, Swifty received $10,260 rent from its lessee for a 12-month lease beginning on that date. This was credited to Rent Revenue. Swifty estimates that 6% of the final Accounts Receivable balance on December 31, 2023, will be uncollectible. On December 28, 2023, the bookkeeper incorrectly credited Sales Revenue for a receipt of $1.100 on account. This error had not yet been corrected on December 31. 3. After a physical count, inventory on hand at December 31, 2023, was $78.500. 4. 5. 6. 7. 8. 9. 10. Prepaid insurance contains the premium costs of two policies: Policy A, cost of $1,440, two-year term, taken out on April 1, 2023; Policy B, cost of $1,656, three-year term, taken out on September 1, 2023. The regular rate of depreciation is 10% of cost per year. Acquisitions and retirements during a year are depreciated at half this rate. There were no retirements during the year. On December 31, 2022, the balance of Equipment was $95,000. On April 1, 2023, Swifty issued at par value 60 $1,000, 10% bonds maturing on April 1, 2024. Interest is paid on April 1 and October 1. On August 1, 2023, Swifty purchased at par value 20 $1,000, 12% Windsor, Inc. bonds, maturing on July 31, 2025. Interest is paid on July 31 and January 31. On May 30, 2023, Swifty rented a warehouse for $1.010 per month and debited Prepaid Rent for an advance payment of $12,120. Swifty's FV-NI investments consist of shares with total market value of $9,320 as at December 31, 2023. The FV-OCI investment is an investment of 460 shares in Yop Inc. with current market value of $25 per share as at December 31, 2023. (a) Prepare the year-end adjusting and correcting entries for December 31, 2023, using the information given. Record the adjusting entry for inventory using a Cost of Goods Sold account. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit