Hunter, Inc. found several errors in its accounting records when it went through a recent financial

review. Hunter began business in January $2021.$ Currently, the general ledger for $2023$ is open but $2021$

and $2022$ are closed. Since none of these errors were discovered until $2023,$ no corrections have been

posted.

a$)$ At the end of $2022,$ Hunter missed inventory of $13,200$ in its physical count.

b$)$ Hunter borrowed $$500,000$ on a line of credit on September $1,2022.$ No payments were made

in $2022$ but the interest rate was $6\%.$ In $2023,$ a payment of $$50,000$ was made on September $1,$

$2023$ and recorded entirely as a payment of principal $($debit loan payable$).$ No interest was

recorded in either $2022$ or yet in $2023.$

c$)$ The purchase of machinery for $$37,800$ in May, $2021$ was recorded properly but depreciation

has not been recorded since the purchase.

d$)$ In October, $2022,$ a truck was purchased for $$15,300$ and recorded as transportation expense.

e$)$ Hunter purchased property at the start of business $($cost $1,100,000$ including land$)$ has been

depreciated $($except for $$300,000$ land cost$)$ using a useful life of $40$ years since the start of

business $($straight$-$line$).$ In the middle of $2023,$ Hunter decides the useful life of the building is

only going to be a total of $30$ years.

Assume straight$-$line depreciation, half year convention, no salvage and $5$ years for vehicles and $7$ years

for machinery.

Required:

$1.$ For each item, describe what is needed for disclosure purposes if Hunter reports $2021,2022$

and $2023$ in its annual report.

$2.$ For each item give the journal entries $($if any$)$ that are necessary in the general ledger for $2023.$