Use the following financial statements and additional information.

Additional Information

a$.$ A $$40,000$ note payable is retired at its $$40,000$ carrying $($book$)$ value in exchange for cash.

b$.$ The only changes affecting retained earnings are net income and cash dividends paid.

c$.$ New equipment is acquired for $$85,000$ cash.

d$.$ Received cash for the sale of equipment that had cost $$71,000,$ yielding a $$6,900$ gain.

e$.$ Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.

f$.$ All purchases and sales of inventory are on credit.

$\backslash$table$[[$Requirement$,\backslash$table$[[$General$],[$Journal$]],\backslash$table$[[$General$],[$Ledger$]],$Trial Balance,Direct Method,$\backslash$table$[[$Indirect$],[$Method$]]]]$

Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June $30,2021$ balances.

View transaction list

$\backslash$table$[[,$No$,$Date,Account Title,Debit,Credit$],[i,1,$June $30,$Cash,$51,400,],[,,$Accounts receivable, net,$18,000,],[,,$Sales,,$],[1,2,$June $30,$Cost of goods sold,,$],[,,$Accounts payable,,$]]$

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