A B D E F H | - K L M 1 Date Transaction 2 01-Jan-20 RCC issued common stock, acquiring $650,000 cash from its owners. 3 28-Jan-20 RCC Paid $130,000 cash to purchase land. 01-Feb-20 RCC paid $12,000 to lease office space for one year beginning immediately. 5 15-Feb-20 RCC purchase 100 bicycles for $300 each, on the condition 3/10 n/30. 6 27-Feb-20 RCC paid for the bicycles invoice. 7 28-Feb-20 RCC purchase 30 bicycles for $250 each in cash. 8 06-Mar-20 RCC sold 110 bicycles for $350 each on account, hint: the firm uses FIFO method to account for inventory. 9 28-Apr-20 RCC collects $25,000 cash from account receivables. 10 01-Jun-20 RCC purchased a car with a salvage value of $5,000 and an estimated useful life of 5 years for $30,000 on account payable. 11 30-Nov-20 RCC sold the car for $25,000 (you may need to recognize gain or loss from this transaction). 12 01-Dec-20 RCC borrowed $50,000 from a local bank with a one-year term and 6% interest rate. 13 14 RCC polices 15 The firm uses FIFO to account for its inventory 16 The firm usesa straight-line method for assets depreciation 17 For the allowance of douabutfull account, the firm uses 4% of the receivables 18 19 20 21 Requirements 22 Prepare the worksheet and the financial statements as of December 31, 2020 23 Do any necessary calculation such as prepaid, depreciation, doubtful account allowance,..etc 24 25 26 27 Sheet1 Ready u + 80% T Type here to search O i > H 4:51 PM 4/12/2021 99+ 22