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balance Sheet of GeneralProducts Inc. on December $31,2021.$ASSETSCurrent AssetsCash and Cash Equivalent$11,980$Accounts Receivables$20,520$Inventory$317,060$Inventory of Premiums $($@$0\mathrm{.}10$ per premium$)660$Total Current Assets$350,220$LONG TERM ASSETSInvestments$66,775$Property Plant and Equipment$750,000$Less Accumulated Depreciation$90,000660,000$Total Long Term Assets$726,775$INTANGIBLE ASSETSTrade Marks$190,000$Total Assets$1,266,995$LIABILITIES AND SHAREHOLDERS' EQUITYCurrent LiabilitiesAccounts Payable$50,772$Liability for Premiums and Coupons$5505\%$ Short Term Notes Payable due on March $31,20168,000$Accrued Interest on $6\%$ Bonds Payable$3,000$Total Current Liabilities$62,2726\%$ Bonds Payable due $2020100,000$Unamortized Discount on Bonds Payable$6,73293,268$Total Liabilities$155,540$Stockholder's EquityCommon Stock$125,000$ shares, par value $$1$ authorized $100,000$ shares issued and outstanding$130,000$Paid in Capital in Excess of Par$946,000$Retained Earnings$35,455$Total Stockholders' Equity$1,111,455$Total Liabilities and Stockholders' Equity$1,266,995.$All sales were on credit and totaled $$940,560,$ with the associated COGS totaling $$780,650.$ The sales and COGS have not yet been recorded, so a consolidated journal entry will be required.

Cash collected from customers totaled $$906,450.$ These cash collections have not yet been recorded, so a consolidated journal entry will be required.

Purchases of merchandise inventory from suppliers totaled $$689,525.$ All purchases were on credit. These purchases have not yet been recorded, so a consolidated journal entry will be required.

Cash paid to suppliers for credit purchases of merchandise inventory totaled $$728,254.$ These payments have not yet been recorded, so a consolidated journal entry will be required.

Selling and Administrative Expenses $($these are all cash expenses$)$ totaling $$87,345$ were incurred and paid. These expenses and payments have not yet been recorded, so a consolidated journal entry will be required.

GeneralProducts purchased land for $$30,000$ in advance of construction of a building and paid the amount in full. This purchase and payment have not yet been recorded, so a consolidated journal entry will be required.

PP&E is depreciated using the straight$-$line method over $25$ years of life. PP&E depreciation for $2022$ has not yet been recorded, so a consolidated journal entry will be required.

Trademarks were previously acquired for $$200,000$ on January $1,2021.$ Estimated useful life at the time of acquisition was $20$ years.

However, in early $2022,$ a competitor initiated litigation challenging these trademarks, but GeneralProducts successfully

defended these trademarks at a total legal cost of $$60,000.$ Moving forward, the new $($updated$)$ useful life of the trademarks is now estimated to be $25$ years, spanning the current year $2022$ through the end of $2046.$

The legal expenses have not yet been recorded, so an appropriate journal entry will be required, and Trademark amortization will also need to be recorded for $2022.$

Included in the total sales of $$940,560($already noted in Item #$1$ above$)$ were the sales of $6,000$ boxes of a new brand of smoothie mix.

As a promotional premium offer to increase sales of this new smoothie mix, customers can download one digital coupon for every box of smoothie mix they purchase. Customers can then present $4$ of these coupons

to redeem them for one free "premium" item, a decorative metal sipping straw. Based on past experience, $60\%$ of the coupons are expected to be downloaded and redeemed by customers.

To support this special promotion, in $2022$ GeneralProducts purchased $900$ of the premium items $($decorative metal sipping straws$)$ at $$1\mathrm{.}00$ each for cash.

This purchase of the decorative metal sipping straws will need to be recorded in a special new account titled "Premium Inventory" to distinguish it from the company's Merchandise Inventory account.

During $2022,3,400$ coupons were actually redeemed by customers. Journal entries will need to be made to Premium Expense and Premium Liability accounts, as appropriate.

GeneralProducts issued bonds with a face amount $($total maturity value$)$ of $$100,000$ at a stated annual interest rate of $5\%,$ sold to yield an effective annual interest rate of $6\%.$

The maturity period of these $5\%$ bonds is $10$ years and interest is paid semiannually on January $1$ and June $30$ of each year.

The $5\%$ bonds were issued at a discount of $$7,439$ for an initial carrying value of $$$92,561$ on July $1,2022.$ A journal entry will be required to record this bond sale.

The effective$-$interest method will be applied to amortize the discount. At the end of the year, a journal entry will be required to accrue the interest for $2022.$

Record the necessary journal entries for $2022.$

Prepare the Income Statement for the year $2022.$

Prepare the Statement of Retained Earnings for the year $2022.$

Prepare the classified Balance Sheet as of December $31,2022,$ and be sure to include all appropriate subheadings

$($i$.$e$.,$ Current Assets, Long$-$Term Assets, Intangible

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