You have been assigned to examine the financial statements of Skysong Company for the year ended December 31, 2020. You discover the following situations. 1. Depreciation of $3,200 for 2020 on delivery vehicles was not recorded. 2. The physical inventory count on December 31, 2019, improperly excluded merchandise costing $20,400 that had been temporarily stored in a public warehouse. Skysong uses a periodic inventory system. 3. A collection of $5,100 on account from a customer received on December 31, 2020, was not recorded until January 2, 2021. 4. In 2020, the company sold for $3,400 fully depreciated equipment that originally cost $23,600. The company credited the proceeds from the sale to the Equipment account. 5. During November 2020, a competitor company filed a patent-infringement suit against Skysong claiming damages of $198,000. The companys legal counsel has indicated that an unfavorable verdict is probable and a reasonable estimate of the courts award to the competitor is $136,300. The company has not reflected or disclosed this situation in the financial statements. 6. Skysong has a portfolio of trading investments. No entry has been made to adjust to market. Information on cost and fair value is as follows.

Cost Fair Value

December 31, 2019 $101,400 $101,400

December 31, 2020 $78,700 $76,600

7.		At December 31, 2020, an analysis of payroll information shows accrued salaries of $11,800. The Salaries and Wages Payable account had a balance of $16,200 at December 31, 2020, which was unchanged from its balance at December 31, 2019.
8.		A large piece of equipment was purchased on January 3, 2020, for $40,200 and was charged to Maintenance and Repairs Expense. The equipment is estimated to have a service life of 8 years and no residual value. Skysong normally uses the straight-line depreciation method for this type of equipment.
9.		A $11,700 insurance premium paid on July 1, 2019, for a policy that expires on June 30, 2022, was charged to insurance expense.
10.		A trademark was acquired at the beginning of 2019 for $53,800. No amortization has been recorded since its acquisition. The maximum allowable amortization period is 10 years. Assume the trial balance has been prepared but the books have not been closed for 2020. Assuming all amounts are material, prepare journal entries showing the adjustments that are required. (Ignore income tax considerations.) (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.)

The

No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7. 8. 9. 10