Problem #1: Prepare the Balance Sheet at January 1, 2018 base on the trial balance above. Based on the entries below, prepare the balance sheet at December 31, 2018

Problem 2: Record the adjusting journal entries in proper form for the following transactions

1. Boston Hospital provided services to patients of $4,000,000 throughout the year on account. Per agreement with the insurance company, 27% of revenue was not expected to be collected. At December 31, 2018, it was estimated that patients who were expected to pay $50,000 of the receivable were not going to pay.

2. The equipment that Boston Hospital owned had a useful life of 10 years with no salvage value, record the adjusting entry at December 31, 2018.

3. Included in the prepaid balance of $2,100,000 is a prepayment of 1,500,000 for 3 years of rent paid on January 1, 2018. At December 31, 2018, what is the adjusting entry?

4. Patients paid $1,750,000 in cash for services rendered in transaction #1

Boston Hospital has 250,000 shares of stock in New London Corporation. On June 30, 2018, New London Corporation declared a cash dividend of $0.50/share. On December 28, 2018, New London Corporation paid $0.25/share, stating that the other $0.25/share would be paid at a later date.

6. On July 1, 2018, Boston Hospital issued $25,000,000 of 3.5% 20 year bonds at 93.5% of face value. The bonds pay interest semi-annually on January 1 and July 1. Boston Hospital paid (in cash) $17,000 in cost of issuance. What are the entries at July 1, 2018

7. What are the entries at 12/31/2018 for the bond issuance in #6 (hint, there are 3).

8. Boston Hospital used 1,000,000 of the supplies inventory

PM734 Section B1 Final-Take-Home Portion Name: Boston Hospital had the following account balances on January 1, 2018 Boston Hospital Cash Accounts Receivable Prepaid Invento Equipment Accumulated Depreciation Investments in Stocks Endowments Accounts Payable Interest Payable Deferred Revenue Long Term Debt Permanently Restricted Net Assets Temporarily Restricted Net Assets 2,360000 5,000,000 2,100,000 6,000,000 S24,000,000 S(14,400,000) $ 105,000,000 $ 86,000,000 6,500,000 3,000,000 50,000,000 36,000,000 Problem #1: Prepare the Balance Sheet at January 1, 2018 base on the trial balance above. Based on the entries below, prepare the balance sheet at December 31, 2018 PM734 Section B1 Final-Take-Home Portion Name: Boston Hospital had the following account balances on January 1, 2018 Boston Hospital Cash Accounts Receivable Prepaid Invento Equipment Accumulated Depreciation Investments in Stocks Endowments Accounts Payable Interest Payable Deferred Revenue Long Term Debt Permanently Restricted Net Assets Temporarily Restricted Net Assets 2,360000 5,000,000 2,100,000 6,000,000 S24,000,000 S(14,400,000) $ 105,000,000 $ 86,000,000 6,500,000 3,000,000 50,000,000 36,000,000 Problem #1: Prepare the Balance Sheet at January 1, 2018 base on the trial balance above. Based on the entries below, prepare the balance sheet at December 31, 2018