46 Exercise 11-41 (Algo) General ledger exercise; Long-term asset transactions [LO11-2, 11-4, 11-8, 11-9] On January 1, 2021, the general ledger of Parts Unlimited includes the following account balances: Accounts Cash Accounts Receivable Inventory Land Equipment Accumulated depreciation Accounts Payable. Common stock Retained Earnings Totals Debit $173,400 23,400 Credit 48,800 351,000 370,500 $183,000 25,800 531,000 227,300 $967,100 $967,100 Help From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account, $336,800. b. Sold inventory on account, $609,200. The inventory cost $353,600. c. Received cash from customers on account, $569,700. d. Paid cash on account, $339,500. e. Paid cash for salaries. $105,700, and for utilities, $63,700. In addition, Parts Unlimited had the following transactions during the year: April 1 Purchased equipment for $106,000 using a note payable, due in 12 months plus 8 interest. The company also paid cash of $4,300 for freight and $4,900 for installation and testing of the equipment. The equipment has an estimated residual value of $15,200 and a ten-year service life. June 30 Purchased a patent for $51,000 from a third-party marketing company related to the packaging of the company's products. The patent has a 20-year useful life, after which it is expected to have no value. 1 Sold equipment for $42,300. The equipment cost $71,700 and had accumulated depreciation of $48,400 at the beginning of the year. Additional depreciation for 2021 up to the point of the sale is $9,600. (Hint: Total October < Prev 15 of 15 Next