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Data & instructions Beach TB Journal Adj. Tria Emprehensive Problem 2 Beach Corporation's trial balance at December 31, 2019 is presented on the next tab. All 2019 transactions have been recorded except for the items listed below the trial balance. REQUIRED (Ignore income taxes) (a) Prepare journal entries for the transactions listed on the next tab. (b) Prepare a 2019 adjusted trial balance, reflecting the unrecorded transactions. (c) Prepare a 2019 multiple step income statement. (d) Prepare a statement of retained earnings for the year ending December 31, 2019. (e) Prepare a December 31, 2019 classified balance sheet. ach Corporation Trial Balance cember 31, 2019 Debit Credit 126.950 82.000 40.511 126,055 220.000 34.000 150.000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Land Buildings Accumulated Depreciation - Buldings Equipment Accumulated Depreciation - Equipment Accounts Payable Dividends Payable Uneamed Rent Revenue Notes Payable Interest Payable FICA SS Payable FICA Medicare Payable Federal Income Tax Payable Union Dues Payable Salaries Payable Bonds Payable (10%) Common Stock ($10 par Paid in Capital in excess of Par Common Stock Preferred Stock (520) Paid-in Capital in Excess of Par. Preferred Stock Retained Eaming Treasury Stock Sales Revenue Rent Revenue Bad Debes Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Payroll Tax Expense Sale Salaries Expense Total 14.400 48.955 0 16 000 45.000 0 17.391 4,067 25 37.125 1375 0 175 500 30.000 6 000 0 0 75,050 0 668.537.78 0 0 311 207 0 117.963 0 1.174,786 1.174.786 Unrecorded transactions Sept. 1 Beach issued 8,367 shares of $10 par value common stock for $362,000 Oct 1 Beach purchased 2.264 shares of its own stock for $41 per share Nov. 30 Beach issued 1,653 shares of $20 par, 6% preferred stock for $78.451 Dec. 15 Beach declared a $1,53 per share dividend on the outstanding common stock, payable on January 15, 2020 Dec 31 Beach estimates that uncollectible accounts receivable at year and is $5.200 Dec. 31 The building is being depreciated using the straight line method over 20 years. The salvage value is $15.000. Record the annual depreciation Dec. 31 The equipment is being depreciated using the units of production method over 10 years or 70,000 hours. The salvage value is $10,000. The equipment was used 7.750 hours this year, Dec. 31 The unearned rent represents receipt of 4 months rent in advance (November 1, 2019 through February 28, 2020). Prepare the December adjusting entry Dec. 31 Beach employs 6 salespeople, each of whom eam $4,380 per month and have been employed since Jarry 1. FICA Social Security taxes are 62% of the first $118.500 paid to each employee and FICA Medicare taxes are 1.45% of gross pay. Prepare the employer's entry to record December employee payroll expenses, including federal income tax withheld of $3.240 and union des of $120 Dec 31 Prepare the employer's payroll tax expense for December. FUTA taxes are 0.6% and SUTA taxes are 54% of the first $7.000 paid to each employee Dec. 31 Beach borrowed $45.000 from First State Bank on October 8, 2019. The note is due on February 3.2020 (120 days) and the bank is charging 8% interest Record the accrued interest at year-end Data & instructions Beach TB Journal Adj. Trial Balance Adjusted Trial Balance Debit Balance Credit Balance Account Data & instructions Beach TB Journal Adj. Trial Balance Income Statement Data & instructions Beach TB Journal Adj. Trial Balance Retained Earnings Statement Data & instructions Beach TB Journal Adj. Trial Balance Classified Balance Sheet