Comprehensive Problem 3 Part 4: Note: You must complete parts 1, 2, and 3 before completing part 4 of this comprehensive problem. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not re leave it blank. a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for at December 31 was $2,000 (debit). Date Description Debit Credit Dec. 31 Bad Debt Expense 18,000 Allowance for Doubtful Accounts 18,000 b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300. Date Description Debit Credit Dec. 31 Cost of Goods Sold 3,300 Inventory 3,300 c. Prepaid insurance expired during the year, $22,820. Date Description Dec. 31 Insurance Expense Prepaid Insurance Debit Credit d. Office supplies used during the year, $3,920. Date Description Dec. 31 Office Supplies Expense Office Supplies V Debit Credit e. Depreciation is computed as follows: Residual Acquisition Useful Life Asset Cost Value Date in Years Buildings Office Equip. $900,000 246,000 $0 January 2 50 Depreciation Method Used Double-declining-balance 26,000 January 3 5 Straight-line Store Equip. 112,000 12,000 July 1 10 Straight-line Date Description: Debit Credit Date Description Dec. 31 Depreciation Expense-Buildings Depreciation Expense-Office Equipment Debit Credit Depreciation Expense-Store Equipment Accumulated Depreciation-Buildings Accumulated Depreciation-Office Equipment Accumulated Depreciation-Store Equipment f. A patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for 8 years, Date Description Dec. 31 Amortization Expense-Patents Patents Debit Credit g. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the y Date Description Dec. 31 Depletion Expense Accumulated Depletion Debit Credit h. Vacation pay expense for December, $10,500. Date Description Debit Credit Dec. 31 Vacation Pay Expense Vacation Pay Payable i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December. Date Description Dec. 31 Product Warranty Expense Product Warranty Payable Debit Credit j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note). Assume 360 days per year. Date Description Dec. 31 Interest Receivable Interest Revenue V Feedback Debit Credit