Marin's balance sheet at December 31, 2021. is presented below. Cash Inventory Prepaid insurance Equipment Marin Corporation Balance Sheet December 31, 2021 $99.000 Accounts payable 101,475 Interest payable 18,480 Bonds payable 125,400 Common stock Retained earnings $344,355 $45.375 8,250 165,000 82,500 $43,230 $344,355 1. 3. 4. During 2022, the following transactions occurred. Marin uses a perpetual inventory system. Marin paid $8,250 interest on the bonds on January 1, 2022. 2. Marin purchased $795,630 of inventory on account. Marin sold for $1.584,000 cash inventory which cost $871,200. Marin also collected $95.040 sales taxes. Marin paid $759,000 on accounts payable. 5. Marin paid $8,250 interest on the bonds on July 1, 2022. 6. The prepaid insurance ($18.480) expired on July 31. On August 1, Marin paid $33,660 for insurance coverage from August 1, 2022, through July 31, 2023. Marin paid $56,100 sales taxes to the state. Paid other operating expenses, $300,300 10. Redeemed the bonds on December 31, 2022, by paying $158.400 plus $8.250 interest. 11 Issued $297,000 of 8% bonds on December 31, 2022, at 103. The bonds pay interest every June 30 and December 31 7. 8. 9. 1. 2. Recorded the insurance expired from item 7. The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a $10,030 salvage value The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) 3. 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. Round &nswers to 0 decimal places, e.5. 5.275.) No. Account Titles and Explanation 1. Debit Credit 2. 3. To record calme vuonna (To record cost of goods sold.) 4. 5. 6. I 7. B. 9. 10. (To record retirement of bonds.) 11. 12. 13 . 14. - / 100 Prepare an adjusted trial balance at December 31, 2022.(Round answers to 0 decimal places, e.g. 5,275. Do not list those accounts that have zero ending balance.) MARIN CORPORATION Trial Balance Debit Credit