BUS ADM 201 Introduction to Financial Accounting Jamukha Corporation prepares annual financial statements. The balance sheet at December 31, 2017, is...

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BUS ADM 201 Introduction to Financial AccountingJamukha Corporation prepares annual financial statements. The balance sheet at December 31, 2017, ispresented below.Jamukha CorporationBalance SheetDecember 31, 2017AssetsLiabilities and Stockholders' EquityCash27,850Accounts payable94,750Accounts receivable44,070Common stock ($1 par)10,000Allowance for doubtful accounts(2,000)Paid-in capital in excess of par - Common stock190,000Inventory75,000Retained earnings77,610Prepaid insurance7,440Equipment360,000A/D - Equipment(140,000)372,360372,360During 2018 the following transactions occurred:1.Purchased $141,000 inventory on account. Jamukha Corp. uses a perpetual inventory system.2.Sales of $325,000, plus 5.6% sales tax, were made to customers on account. Cost of goods sold was$175,000. The company uses a perpetual inventory system.3.Received $36,000 cash down payment for orders that will be shipped next year.4.Issued 20 year, $65,000 face value, 4% bonds on July 1 at 103. The bonds were sold to yield an effectiveannual rate of 3.784784%, and they pay interest every January 1 and July 1.5 .Collected $306,000 on account.6.Paid general expenses of $55,750.7.Paid $210,000 for amount due to supplier.8.Paid the sales tax collected from customers to the State of Wisconsin.9.On January 1, Jamukha Corp. sold for $24,000 cash equipment which originally cost $103,000.Accumulated depreciation for this equipment as of December 31, 2017, was $77,000. This transaction isexempt from sales tax.