TIMER Grouper Corp.x unadjusted trial balance at December 1, 2022. Is presented below. Debit Credit Cash Accounts Receivable $28,160 47,104 Notes Receivable 12,800 Interest Receivable 0 Inventory 46,336 Prepaid Insurance 4,608 Land 25,600 Buildings 192,000 Equipment 76,800 Patent 11,520 Allowance for Doubtful Accounts $640 Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2023) Income Taxes Payable Interest Payable Notes Payable (due in 2028) Common Stock Retained Earnings Dividends 14,080 O 44,800 64,000 81.408 15,360 1,152,000 64,000 30,720 34,944 O CALCULATOR PRINTER VERSION BACK NE Sales Revenue Interest Revenue Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total 806.400 O 0 79,104 O 140,800 $1,486,592 The following transactions occurred during December, $1,486,592 Dec. 2 Purchased equipment for $20,480, plus sales taxes of $1,024 (paid in cash). 2 Grouper sold for $4,480 equipment which originally cost $6,400. Accumulated depreciation on this equipment at January 1, 2022, was $2,304; 2022 depreciation prior to the sale of equipment was $1,056. 15 Grouper sold for $6,400 on account inventory that cost $4,480. 23 Salaries and wages of $8,448 were paid. Adjustment data: 1. Grouper estimates that uncollectible accounts receivable at year-end are $5,120. 2. The note receivable is a one-year, 8% note dated April 1, 2022. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $4,608, 6-month premium on September 1, 2022. 4. The building is being depreciated using the straight-line method over 30 years. The salvage value is $38,400. 5. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 6. The equipment purchased on December 2, 2022, is being depreciated using the straight-line method over 5 years. with a salvage value of $2.304. 7. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. 6. Unpaid salaries at December 31, 2022, total $2.816. 9. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months. THER 10 Income tax expense was $19.200. It was unpaid at December 31. CALCULATOR PRINTER VERSION BACK NEXT> (a) Prepare journal entries for the transactions listed above and adjusting 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 0 for the amounts. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit (To record depreciation expense on equipment.) 3. 5. (To record sale of equipment.) (To record sales revenue.) (To record cost of goods sold.) e: 05:27 PM / Remaining: 93 min. CALCULATOR PRINTER VERSION BACK 4. 5. 6. 7. 8. 9. 10. Click if you would like to Show Work for this question: Open Show Work (b) Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER The parts of this question must be completed in order. This part will be available when you complete the part above