Kingbird Corporation's balance sheet at December $31,2024,$ is presented below.

During $2025,$ the following transactions occurred. Kingbird uses a perpetual inventory system.

Kingbird paid $$7,750$ interest on the bonds on January $1,2025.$

Kingbird purchased $$747,410$ of inventory on account.

Kingbird sold for $$1,488,000$ cash inventory which cost $$818,400.$ Kingbird also collected $$89,280$ sales taxes.

Kingbird paid $$713,000$ on accounts payable.

Kingbird paid $$7,750$ interest on the bonds on July $1,2025.$

The prepaid insurance $($$$17,360)$ expired on July $31.$

On August $1,$ Kingbird paid $$30,600$ for insurance coverage from August $1,2025,$ through July $31,2026.$

Kingbird paid $$52,700$ sales taxes to the state.

Paid other operating expenses, $$282,100.$

Redeemed the bonds on December $31,2025,$ by paying $$148,800$ plus $$7,750$ interest.

Issued $$279,000$ of $8\%,10-$year bonds on December $31,2025,$ at $103.$ The bonds pay interest every June $30$ and December

Adjustment data:

Recorded the insurance expired from item $7.$

The equipment was acquired on December $31,2024,$ and will be depreciated on a straight$-$line basis over $5$ years with a

$$9,400$ 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.$)$

the amount.$)$

$($a$)$

Prepare journal entries for the transactions listed above and adjusting entries. $($List all debit entries before credit entries. Credit

account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the

account titles and enter $0$ for the amounts.$)$Kingbird Corporation's balance sheet at December $31,2024,$ is presented below. Debits: Cash $$93,000$ Inventory $95,325$ Prepaid insurance $17,360$ Equipment $117,800$ Total $$323,485$ Credits: Accounts payable $$42,625$ Interest payable $7,750$ Bonds payable $155,000$ Common stock $77,500$ Retained earnings $$40,610$ Total $$323,485$ During $2025,$ the following transactions occurred. Kingbird uses a perpetual inventory system. $1.$ Kingbird paid $$7,750$ interest on the bonds on January $1,2025.2.$ Kingbird purchased $$747,410$ of inventory on account. $3.$ Kingbird sold for $$1,488,000$ cash inventory which cost $$818,400.$ Kingbird also collected $$89,280$ sales taxes. $4.$ Kingbird $$713,000$ on accounts payable. $5.$ Kingbird paid $$7,750$ interest on the bonds on July $1,2025.6.$ The prepaid insurance $($$$17,360)$ espired on July $31.7.$ On August $1,$ Kingbird paid $$30,600$ for insurance coverage from August $1,2025,$ though July $31,2026.8.$ Kingbird paid $$52,700$ sales taxes to the state. $9.$ Paid other operating expenses, $$282,100.10.$ Redeemed the bonds on December $31,2025,$ by paying $$148,800$ plus $$7,750$ interest. $11.$ Issued $$279,000$ of $8\%,10-$year bonds on december $31,2025,$ at $103.$ The bonds pay interest every June $30$ and December $31.$ Adjustment data: $1.$ Recorded the insurance expired from item $7.2.$ The equipment was acquired on December $31,2024,$ and will be depreciated on a straight$-$line basis over $5$ years with a $$9,400$ salvage value. $3.$ The income tax rate is $30\%($Hint: prepare the income statement up income before taxes and multiply by $30\%$ to compute the amount.$)$ Prepare journal entries for the transactions listed above and adjusting entries.