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Group 243 Group Project Accounting 203 Fall 2022. On January 1"t 2022, Mr. Pane starts Pane in the Glass Window Company by issuing 1,000 shares of 54 par common stock for $100 per share. The same dav, the company purchased a delivery truck in exchange for signing a 5 -year, 6% annual interest rate note payable with a face value of 550000 . Interest is payable on the last day of every calendar year. The truck is valued at $50000 and has an estimated useful life of 10 years. On January 2nd the company purchased 510 windows from the manulacturer for $200 each and paid in cash. On January 3rd the window manulacturer contacted Pane in the Glass and offered an additional 60 windows for $180 each. During 2022, the compary sold 320 windows on account for 5360 each. The company uses Ufo inventory valuation and warranties its windows for 2 years. It expects that 10% of the windows will have a problem and that on average each window would cost 590 to fix. The company records bad debt. expense equal to 5% of credit sales. The company collects $92160 cash from the credit sales. The company also learns that gig Al who purchased 2 of the windows has declared bankruptcy and will not pay for his windows so Mr. Pane decides to write off the accounts receivable related to these two windows. On November 134, Lovers' Lanes Bowling Alley requests that 19 of their new windows be repaired. The: repairs were covered under warranty and the repairs cost $75 for each window. On the last day of the year, Pane in the Glass pays Interest on the note payable, and records depreciation expense using double declining batance depreclation. Requirements a. Make journal entries and adjusting entries b. Post journal entries to T accounts d. Make income statement e. Statement of retained eamings f. Make balance sheet- Answer the following questions Group number 1. Net Income 2. Gross Margin 3. Cash 4. Total 355ets 5. Cash from operations Group 243 Group Project Accounting 203 Fall 2022. On January 1"t 2022, Mr. Pane starts Pane in the Glass Window Company by issuing 1,000 shares of 54 par common stock for $100 per share. The same dav, the company purchased a delivery truck in exchange for signing a 5 -year, 6% annual interest rate note payable with a face value of 550000 . Interest is payable on the last day of every calendar year. The truck is valued at $50000 and has an estimated useful life of 10 years. On January 2nd the company purchased 510 windows from the manulacturer for $200 each and paid in cash. On January 3rd the window manulacturer contacted Pane in the Glass and offered an additional 60 windows for $180 each. During 2022, the compary sold 320 windows on account for 5360 each. The company uses Ufo inventory valuation and warranties its windows for 2 years. It expects that 10% of the windows will have a problem and that on average each window would cost 590 to fix. The company records bad debt. expense equal to 5% of credit sales. The company collects $92160 cash from the credit sales. The company also learns that gig Al who purchased 2 of the windows has declared bankruptcy and will not pay for his windows so Mr. Pane decides to write off the accounts receivable related to these two windows. On November 134, Lovers' Lanes Bowling Alley requests that 19 of their new windows be repaired. The: repairs were covered under warranty and the repairs cost $75 for each window. On the last day of the year, Pane in the Glass pays Interest on the note payable, and records depreciation expense using double declining batance depreclation. Requirements a. Make journal entries and adjusting entries b. Post journal entries to T accounts d. Make income statement e. Statement of retained eamings f. Make balance sheet- Answer the following questions Group number 1. Net Income 2. Gross Margin 3. Cash 4. Total 355ets 5. Cash from operations