The Works operates as a merchandiser. The company uses the FIFO method of assigning costs to inventory and cost of goods sold with perpetual inventory system. The inventory balance of $3,969,000 is composed of 90,000 units purchased on December 22nd for $44.10 a unit. The company uses the allowance method to estimate bad debts expense, and the effective interest method to amortize bond premiums and discounts mostly. For depreciation, the company uses a straight-line method (or double-declining) for computer equipment and a double-declining method for buildings. The company buys debt securities, and has them available for sale in years. No investments were held by the company on December 31, 2020. For bonds, interest rate is 12%. The companys common stock has a $1 par value. The trial balance for The Works as of December 31st, 2020 was as follows:

Dr. Cr. Cash 64,042,000

Account Receivable (A/R) 40,000,000

Allowance for Doubtful Accounts 800,000

Office Supplies 250,000

Inventory 3,969,000

Prepaid Insurance 1,350,000

Deferred Tax Asset 3,500,000

Computer Equipment 25,000,000

Accumulated Depreciation - Computer Equipment 200,000

Buildings 100,000,000

Accumulated Depreciation - Buildings 22,131,200

Land 35,000,000

Plan Assets 4,800,000

Account Payable 22,500,000

Note Payable - Deferred Tax Liability 270,000

Bonds Payable 5,000,000

Premium/Discount on Bonds Payable - Projected Benfit Obligation 4,800,000

Common Stock 25,000,000

Paid-in Capital, CS 145,000,000

Retained Earnings 52,209,800

Total Debit: 277,911,000 Credit: 277,911,000

April 1st Issued a 10-year, $100,000,000 par value bond with an annual contract rate of interest of 8%, payable in semi-annual interest payments on September 30th and March 31st. the market rate of interest at the time of issuance was 9%.

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