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Show Attempt History Current Attempt in Progress Cullumber Corporation's balance sheet at December 31, 2021, is presented below. CULLUMBER CORPORATION Balance Sheet December 31, 2021 Cash $30,500 Accounts payable Inventory 23,700 Interest payable Prepaid insurance 5,700 Bonds payable Equipment 43,800 Common stock Retained earnings $103,700 $13,700 2.750 55.000 21.800 10,450 $103.700 During 2022. the following transactions occurred. Cullumber uses a perpetual invento 1. 2. Cullumber paid $2.750 interest on the bonds on January 1, 2022. Cullumber purchased $240,900 of inventory on account. ch During 2022, the following transactions occurred. Cullumber uses a perpetual inventory system. 1. 2 3 4. 5. 6 7. Cullumber paid $2,750 interest on the bonds on January 1, 2022 Cullumber purchased $240,900 of inventory on account. Cullumber sold for $452.900 cash inventory which cost $251,300. Cullumber also collected $27.174 sales taxes. Cullumber paid $232.000 on accounts payable Cullumber paid $2,750 interest on the bonds on July 1, 2022. The prepaid insurance ($5,700) expired on July 31. On August 1, Cullumber paid $12,000 for Insurance coverage from August 1, 2022, through July 31, 2023. Cullumber paid $23,600 sales taxes to the state. Paid other operating expenses. $91.300. Redeemed the bonds on December 31, 2022, by paying $52.800 plus $2.750 interest. Issued $85,500 of 8% bonds on December 31, 2022, at 103. The bonds pay interest every June 30 and December 31. 8. 9. 10 11 Adjustment data: 1. 2 Recorded the insurance expired from item 7. The equipment was acquired on December 31, 2021. and will be depreciated on a straight-line basis over S years with a $2.800 salvage value. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) 3