Part 2: NOTE: This is a DIFFERENT COMPANY. Using the trial balance be the Mult-Step Income Statement and prepare the Statement of Retained Ear Gassified Balance Sheet on the pages which follow. To get full credit you must critical subtotals. 50 Part 2: Insert Second Trial Balance HERE. Patricks Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash 3.900 Accounts Receivable 3,460 Allowance for Doubtful Account Short term Note Receivable 800 Interest Receivable 120 Supplies 130 Inventory 2.500 Prepaid Expenses 350 Equipment 14.720 Accumulated Depreciation 1,970 Copyrights 200 Accounts Payable 670 Interest Payable 20 Unearned Revenue Long Term Note Payable 1.400 Common Stock 5,600 Pald-In-Capital In Excess of Par-CS Retained Earnings (1/1/15) 2,160 Dividends 600 Sales 46,800 Sales Returns & Allowances 40 Sales Discounts Cost of Goods Sold 21.600 Bad debt expense Depreciation Expense 770 Amortization Expense 70 Wages Expense 8.000 Rent Expense 500 Office Expense Supplies Expense 100 Selling Expense 800 Interest Expense 200 Interest Revenue Income Tax Expense 760 Totals 60.2901 60.29,00 800 60 30 BO YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION SUBMIT AS ONE PDF DOCUMENT. Multi Step Income Statement For the year ended December 31, 2017 (Be sure to include all the necessary headings, totals and subtotals as outlined in Chapter 5. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Income Statement, use the right column for subtotals and totals.) YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT Statement of Retained Earnings For the year ended December 31, 2017 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION SUBMIT AS ONE PDF DOCUMENT Classified Balance Sheet December 31, 2017 (Be sure to include all the necessary subtotals and totals as outlined in Chapter 2. You may Chapter 2 You may not need to use all of the lines provided. Note: The two columns below do not represent debit and balances like they do on a trial balance. On the Balance Sheet use the right column for subcodis and totals.) YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. Instructions: You must turn in the work performed on the sheets printed with this page. This WILL NOT BE ACCEPTED ON PLAIN PAPER Write the journal entries (on the following General bural page required for each of the events described below. Write the entries in the order described below (01.18). Use ONLY the accounts listed on the trial balance for your journal entries Fost the transactions to individual T-accounts and prepare an adjusted trial balance for your assigned company from page one as of December 31, 2017. 1. The company purchased a building December 1, 2017 with a LT Mortgage Payable of $300,000 at 8% interest. (Record the purchase of the building.) 2. The company issued 1,000 shares of Common Stock for $6,000 on December 25, 2017 3. On December 29, 2017 the company declared a cash dividend of $3.00 per share for common stock on the shares issued and declared (including the additional 1,000 shares issued on December 25.) 4. The terms of the LT mortgage payable from $1 above require the company to make monthly installment payments over the term of the loan. Each payment consists of interest on the unpaid balance of the loan and a reduction of loan principal. Record the first monthly payment of $3,800 on the LT Mortgage Payable on December 31, 2017. 5. The company last paid interest on the ST note payable on November 1, 2017. Record the accrued interest expense for the last 2 months of 2017. The annual interest rate is 8%. Round to nearest whole dollar 6. The Bonds Payable and related Premium amounts on the Nov, trial balance relate to the Jan 1, 2017 issuance of the following bonds: On Jan 1, 2017, the company issued 10%, 10-year bonds when the market rate for similar investments was 8%. The company pays interest each year on January 1M. On Dec 31, 2017, use the effective interest method of amortizing the premium on bonds payable to accrue the interest expense for 2017. Round your interest expense calculation to the nearest whole dollar 7. The Unearned Revenue amount on the Nov. trial balance relates to amounts that the company previously collected in cash for sales that were to be completed in the future. The company completed some of these sales during December and now owes only $10,000 of that uneared revenue. Record the necessary adjustment for December 31, 2017 8. On December 31, 2017, the company purchased 50 shares of its own Preferred Stock for Treasury Stock for $11 per share. YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION SUBMIT AS ONE PDF DOCUMENT