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E4-6 (Algo) Recording Adjusting Entries and Reporting Balances in Financial Statements LO4-1, 4-2 Gauge Construction Company is making adjusting entries for the year ended March 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. The company paid $3,400 on January 1 of the current year to have advertisements placed in the local monthly neighborhood paper. The ads were to be run from January through June. The bookkeeper debited the full amount to Prepaid Advertising on January 1 . b. At March 31 of the current year, the following data relating to Construction Equipment were obtained from the records and supporting documents: 1. Record the adjusting entry for advertisements at March 31 of the current year, 2. Record the adjusting entry for the use of construction equipment during the current year. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Complete this question by entering your answers in the tabs below. Journal entry worksheet Record the adjusting entry for advertising at March 31 , assuming that the advertising purchased during the current year was debited in full to the account Prepaid Advertising. Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for the use of the construction equipment at March 31 Note: Enter debits before credits. What amounts should be reported on the current year's income statement for 2. Record the adjusting entry for the use of construction equipme 3. What amounts should be reported on the current year's incom 4. What amounts should be reported on the current year's balanc Complete this question by entering your answers in the tabs b What amounts should be reported on the current year's balance sheet f