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During the first quarter of 2022 , the following transactions occurred: 1. On February 1, Flounder collected fees of $15,600 in advance. The company will perform $1,300 of services each month from February 1, 2022, to January 31, 2018. 2. On February 1. Flounder purchased computer equipment for $8,400 plus sales taxes of $600.$2,800 cash was paid with the rest on account. Check \#455 was used. 3. On March 1, Flounder acquired a patent with a 10-year life for $9,000 cash. Check \#456 was used. 4. On March 28, Flounder recorded the quarter's sales in a single entry. During this period, Flounder had total sales of $180,000 (not including the sales referred to in item 1 above). All of the sales were on account. 5. On March 29, Flounder collected $173,000 from customers on account. 6. On March 29 , Flounder paid $16,240 on accounts payable. Check \#457 was used. 7. On March 29, Flounder paid other operating expenses of $95,000. Check \#458 was used. 8. On March 31, Flounder wrote off a receivable of $300 for a customer who declared bankruptcy. 9. On March 31, Flounder sold for $1,980 equipment that originally cost $13,000. It had an estimated life of 5 years and salvage of $1,000. Accumulated depreciation as of December 31,2021 , was $9,600 using the straight line method. (Hint: Record depreciation on the equipment sold, then record the sale.) Bank reconciliation data and adjustment data: 1. The company reconciles its bank statement every quarter. Information from the December 31,2021 , bank reconciliation is: The bank statement received for the quarter ended March 31, 2022, is as follows: 2. Record revenue earned from item 1 above. 3. $22,600 of accounts receivable at March 31,2022 , are not past due yet. The bad debt percentage for these is 4%. The balance of accounts receivable are past due. The bad debt percentage for these is 22.00%. Record bad debt expense. (Hint: You will need to compute the balance in accounts receivable before calculating this.) 4. Depreciation is recorded on the equipment still owned at March 31, 2022. The new equipment purchased in February is being depreciated on a straight-line basis over 5 years and salvage value was estimated at $900. The old equipment still owned is being depreciated over a 10-year life using straight-line with no salvage value. 5. Depreciation is recorded on the building on a straight-line basis based on a 30 -year life and a salvage value of $16,000. 6. Amortization is recorded on the patent. 7. The income tax rate is 30%. This amount will be paid when the tax return is due in April. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Prepare a bank reconciliation in good form. (List items that increase balance as per bank first.) Flounder Corp. Bank Reconciliation 3/31/22 Balance Per Bank $108,915 \begin{tabular}{|l|} \hline 4,500 \\ \hline \hline \end{tabular} \begin{tabular}{|r||} \hline \hline 800 \\ \hline \hline \end{tabular} Adjusted Balance Per Bank \begin{tabular}{|l|l|} \hline 5,855 & i \\ \hline \end{tabular} \begin{tabular}{||c||} \hline \hline 10,655 \\ \hline$102,760 \\ \hline \hline \end{tabular} Balance Per Books $102,860 Less : Bank Service Charge During the first quarter of 2022 , the following transactions occurred: 1. On February 1, Flounder collected fees of $15,600 in advance. The company will perform $1,300 of services each month from February 1, 2022, to January 31, 2018. 2. On February 1. Flounder purchased computer equipment for $8,400 plus sales taxes of $600.$2,800 cash was paid with the rest on account. Check \#455 was used. 3. On March 1, Flounder acquired a patent with a 10-year life for $9,000 cash. Check \#456 was used. 4. On March 28, Flounder recorded the quarter's sales in a single entry. During this period, Flounder had total sales of $180,000 (not including the sales referred to in item 1 above). All of the sales were on account. 5. On March 29, Flounder collected $173,000 from customers on account. 6. On March 29 , Flounder paid $16,240 on accounts payable. Check \#457 was used. 7. On March 29, Flounder paid other operating expenses of $95,000. Check \#458 was used. 8. On March 31, Flounder wrote off a receivable of $300 for a customer who declared bankruptcy. 9. On March 31, Flounder sold for $1,980 equipment that originally cost $13,000. It had an estimated life of 5 years and salvage of $1,000. Accumulated depreciation as of December 31,2021 , was $9,600 using the straight line method. (Hint: Record depreciation on the equipment sold, then record the sale.) Bank reconciliation data and adjustment data: 1. The company reconciles its bank statement every quarter. Information from the December 31,2021 , bank reconciliation is: The bank statement received for the quarter ended March 31, 2022, is as follows: 2. Record revenue earned from item 1 above. 3. $22,600 of accounts receivable at March 31,2022 , are not past due yet. The bad debt percentage for these is 4%. The balance of accounts receivable are past due. The bad debt percentage for these is 22.00%. Record bad debt expense. (Hint: You will need to compute the balance in accounts receivable before calculating this.) 4. Depreciation is recorded on the equipment still owned at March 31, 2022. The new equipment purchased in February is being depreciated on a straight-line basis over 5 years and salvage value was estimated at $900. The old equipment still owned is being depreciated over a 10-year life using straight-line with no salvage value. 5. Depreciation is recorded on the building on a straight-line basis based on a 30 -year life and a salvage value of $16,000. 6. Amortization is recorded on the patent. 7. The income tax rate is 30%. This amount will be paid when the tax return is due in April. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Prepare a bank reconciliation in good form. (List items that increase balance as per bank first.) Flounder Corp. Bank Reconciliation 3/31/22 Balance Per Bank $108,915 \begin{tabular}{|l|} \hline 4,500 \\ \hline \hline \end{tabular} \begin{tabular}{|r||} \hline \hline 800 \\ \hline \hline \end{tabular} Adjusted Balance Per Bank \begin{tabular}{|l|l|} \hline 5,855 & i \\ \hline \end{tabular} \begin{tabular}{||c||} \hline \hline 10,655 \\ \hline$102,760 \\ \hline \hline \end{tabular} Balance Per Books $102,860 Less : Bank Service Charge