Project Instructions There are three exercises in Project 3: Project 3.1 Balance Sheet & Income Statement Part I, Project 3.2 Balance Sheet & Income Statement Part II, and Project 3.3. Balance Sheet & Income Statement Part III. $1,500,000 18.000 Please read the following instructions and review the table carefully. Then, enter answers for journal items ([A] to [K] Illini Company, Inc. Balance Sheet as of 12/31/20X0 Assets Current Assets: Cash Accounts receivable, net Inventory Total current assets Equipment Goodwill Total assets Liabilities and shareholders' equity Shareholders' equity: Common stock, 20,000 shares outstanding, $1 par Additional paid-in capital Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 50.000 1,568,000 90,000 20.000 $1,678,000 If it's a negative number, please enter a negative number (i.e. a minus sign). $20,000 280,000 1.378,000 1,678,000 $1,678,000 Note that all additional paid-in capital (APIC) sub accounts (e.g., APIC-options and APIC-treasury stock), if any, are tracked in the "Additional paid-in capital" account on the Balance Sheet. Project 3.1 Balance Sheet & Income Illini Company, Inc. Income Statement For the Year Ended December 31, 20X1 Statement Part 1 Sales $1,132,357 692.000 Please enter answers for blank journal items Cost of sales inventory/equipment) Gross profit 440,357 in the following Balance Sheet and Income Operating expenses: Statement for 20X1. Note that for the Insurance expense purpose of preparing the Balance Sheet at Utility expense the end of each year: Rent expense 4,000 30,000 20,000 [A] [B] [C] Compensation expense Bad debt expense For investments, you need to classify whether they are current assets (i.e., short- term investment) or non-current assets (i.e., long-term investment); Depreciation expense Maintenance expense Warranty expense 3,000 21,000 [D] Rental expense (lease) For bonds, you need to determine what portion of the bonds payable is current liability and what portion is non-current liability. Current portion of the bonds payable is the principal payment portion of the cash interest payments in the next year. Non-current portion is the remaining amount of the bonds payable, and Pension expense Selling expense-Initial issuance cost 10.000 Total operating expenses Operating income IG Other income (expense): For leases (as the lessee), you need to determine what portion of the lease obligation is current liability and what portion is non- current liability. Current portion of the lease obligation is the principal payment portion of the cash lease payment in the next year i.e., the amortization amount of the lease obligation in the next year). Non-current portion is the remaining amount of the lease liability Investment revenue 7,500 Interest revenue 9,636 Unrealized holding losses - NI (H) Interest expense (22.142) Net income Basic EPS Diluted EPS Project Instructions There are three exercises in Project 3: Project 3.1 Balance Sheet & Income Statement Part I, Project 3.2 Balance Sheet & Income Statement Part II, and Project 3.3. Balance Sheet & Income Statement Part III. $1,500,000 18.000 Please read the following instructions and review the table carefully. Then, enter answers for journal items ([A] to [K] Illini Company, Inc. Balance Sheet as of 12/31/20X0 Assets Current Assets: Cash Accounts receivable, net Inventory Total current assets Equipment Goodwill Total assets Liabilities and shareholders' equity Shareholders' equity: Common stock, 20,000 shares outstanding, $1 par Additional paid-in capital Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 50.000 1,568,000 90,000 20.000 $1,678,000 If it's a negative number, please enter a negative number (i.e. a minus sign). $20,000 280,000 1.378,000 1,678,000 $1,678,000 Note that all additional paid-in capital (APIC) sub accounts (e.g., APIC-options and APIC-treasury stock), if any, are tracked in the "Additional paid-in capital" account on the Balance Sheet. Project 3.1 Balance Sheet & Income Illini Company, Inc. Income Statement For the Year Ended December 31, 20X1 Statement Part 1 Sales $1,132,357 692.000 Please enter answers for blank journal items Cost of sales inventory/equipment) Gross profit 440,357 in the following Balance Sheet and Income Operating expenses: Statement for 20X1. Note that for the Insurance expense purpose of preparing the Balance Sheet at Utility expense the end of each year: Rent expense 4,000 30,000 20,000 [A] [B] [C] Compensation expense Bad debt expense For investments, you need to classify whether they are current assets (i.e., short- term investment) or non-current assets (i.e., long-term investment); Depreciation expense Maintenance expense Warranty expense 3,000 21,000 [D] Rental expense (lease) For bonds, you need to determine what portion of the bonds payable is current liability and what portion is non-current liability. Current portion of the bonds payable is the principal payment portion of the cash interest payments in the next year. Non-current portion is the remaining amount of the bonds payable, and Pension expense Selling expense-Initial issuance cost 10.000 Total operating expenses Operating income IG Other income (expense): For leases (as the lessee), you need to determine what portion of the lease obligation is current liability and what portion is non- current liability. Current portion of the lease obligation is the principal payment portion of the cash lease payment in the next year i.e., the amortization amount of the lease obligation in the next year). Non-current portion is the remaining amount of the lease liability Investment revenue 7,500 Interest revenue 9,636 Unrealized holding losses - NI (H) Interest expense (22.142) Net income Basic EPS Diluted EPS