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Expand Your Critical Thinking 9-51 5. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10,000. 6. Amortization is recorded on the patent. 7. The income tax rate is 30%. This amount will be paid when the tax return is due in April. (Hint: Pre- pare the income statement up to income before taxes and multiply by 309 to compute the amount.) Instructions a. Record journal entries for transactions 1-9. b. Enter the December 31, 2021, balances in ledger accounts using T-accounts. c. Post the journal entries to the ledger accounts for items 1-9. d. Prepare an unadjusted trial balance at March 31. e. Prepare a bank reconciliation in good form. f. Journalize and post entries related to bank reconciliation and all adjusting entries. g. Prepare an adjusted trial balance. h. Prepare an income statement and a retained earnings statement for the quarter ended March 31. 2022, and a classified balance sheet at March 31, 2022 d. Trial balance total $320,730 e. Adjusted balance per bank $44,325 f Total assets $196,590 Expand Your Critical Thinking 9-51 5. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10,000. 6. Amortization is recorded on the patent. 7. The income tax rate is 30%. This amount will be paid when the tax return is due in April. (Hint: Pre- pare the income statement up to income before taxes and multiply by 309 to compute the amount.) Instructions a. Record journal entries for transactions 1-9. b. Enter the December 31, 2021, balances in ledger accounts using T-accounts. c. Post the journal entries to the ledger accounts for items 1-9. d. Prepare an unadjusted trial balance at March 31. e. Prepare a bank reconciliation in good form. f. Journalize and post entries related to bank reconciliation and all adjusting entries. g. Prepare an adjusted trial balance. h. Prepare an income statement and a retained earnings statement for the quarter ended March 31. 2022, and a classified balance sheet at March 31, 2022 d. Trial balance total $320,730 e. Adjusted balance per bank $44,325 f Total assets $196,590

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