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Culver Corporation's unadjusted trial balance at December 1, 2017. is presented below. Debit Credit Cash $25.800 Accounts Receivable 36.300 Notes Receivable 9.600 Interest Receivable 0 Inventory 36,390 Prepaid Insurance 3.300 Land 20.200 Buildings 160 800 Equipment 61.000 Patent 9.900 Allowance for Doubtful Accounts $550 Accumulated Depreciation-Buildings 53,600 Accumulated Depreciation-Equipment 24,400 Accounts Payable 27,700 PELLate Depreciat-cupent Accounts Payable 27.700 Salaries and Wages Payable 0 Notes Payable (due April 30, 2018) 11.500 Income Taxes Payable 0 Interest Payable 0 Notes Payable (due in 2023) 35,400 Common Stock 55,000 Retained Earnings 19,440 Dividends 13,000 Sales Revenue 949,500 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 637,000 Depreciation Expense 0 Income Tax Expense 0 Incuran Finance Income Tax Expense 0 Insurance Expense 0 Interest Expense 0 Other Operating Expenses 61.800 Amortization Expense O Salaries and Wages Expense 102.000 Total $1.177,090 $1,177.090 The following transactions occurred during December. Dec. 2 Purchased equipment for $16,200.plus sales taxes of $1,200 (paid in cash). 2 15 23 Culver sold for $3,550 equipment which originally cost $5,200. Accumulated depreciation on this equipment at January 1, 2017, was $1,850, 2017 depreciation prior to the sale of equipment was $500 Culver sold for $5,300 on account inventory that cost $3.330. Salaries and wages of $6,610 were paid. Adjustment data: 1. 2 3. 5. 6. Culver estimates that uncollectible accounts receivable at year-end are $3.820. The note receivable is a one-year, 8% note dated April 1, 2017 No interest has been recorded. The balance in prepaid insurance represents payment of a $3,300,6-month premium on September 1, 2017 The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,600. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. The equipment purchased on December 2, 2017 is being depreciated using the straight-line method over 5 years, with a salvage value of $2.400. The patent was acquired on January 1, 2017, and has a useful life of years from that date. Unpaid salaries at December 31, 2017, total $2.130. Both the short-term and long-term notes payable are dated January 1, 2017 and carry a 10% interest rate. All interest is payable in the next 12 months. Income tax expense was $12.600. It was unpaid at December 31. 7 8. 9. 10 CULVER CORPORATION Balance Sheet Assets $ $

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