Yount Corporation adjusts and doses its books each December 31. At December 31. 2010, the following Additional data for adjustments and other purposes: You may add new accounts a. Estimated bad debt loss rate is one half of 1% of credit sales. 10% of 2010 sales were on credit. b. Ending inventory (December 31, 2010), \$70,000. c. Interest on the long-term note receivable was last collected on September 30, 2010. d. Estimated useful life on the building was 40 years. Assume straight-line depreciation. e. Estimated useful life on the equipment was 5 years. Assume straight-line depreciation. f. Unrecorded and unpaid sales salaries payable at December 31, 2010 was $7,500. g. Interest on the bonds payable was paid last on July 31, 2010. h. On August 1,2010, the company rented some space in its building to an outsider and collected $6,000 for 12 months rent in advance which was credited to Rent revenue. I Adjust for expired insurance j. Assume an average 40% corporate income tax rate on all items including the extraordinary loss. Required: 1. Enter the above unadjusted trial balance on a worksheet similar to Exhibit. 2. Enter the adjusting entries on the worksheet and complete it . 3. Prepare an unclassified income statement and a balance sheet. 4. Journalize the closing entries. Yount Corporation adjusts and doses its books each December 31. At December 31. 2010, the following Additional data for adjustments and other purposes: You may add new accounts a. Estimated bad debt loss rate is one half of 1% of credit sales. 10% of 2010 sales were on credit. b. Ending inventory (December 31, 2010), \$70,000. c. Interest on the long-term note receivable was last collected on September 30, 2010. d. Estimated useful life on the building was 40 years. Assume straight-line depreciation. e. Estimated useful life on the equipment was 5 years. Assume straight-line depreciation. f. Unrecorded and unpaid sales salaries payable at December 31, 2010 was $7,500. g. Interest on the bonds payable was paid last on July 31, 2010. h. On August 1,2010, the company rented some space in its building to an outsider and collected $6,000 for 12 months rent in advance which was credited to Rent revenue. I Adjust for expired insurance j. Assume an average 40% corporate income tax rate on all items including the extraordinary loss. Required: 1. Enter the above unadjusted trial balance on a worksheet similar to Exhibit. 2. Enter the adjusting entries on the worksheet and complete it . 3. Prepare an unclassified income statement and a balance sheet. 4. Journalize the closing entries