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The unadjusted trial balance of Pronghorn Ltd,, a public company following IFRS, at December 31, 2023, is as follows: Accumulated depreciation-equipment Accounts payable Bonds payable Common shares Retained earnings Sales revenue Rent revenue Purchases Purchase discounts Freight out Freight in Salaries and wages expense Interest expense Miscellaneous expense 17,600 8,200 60,000 101,100 86,676 220,900 10,260 168,500 2,800 8,550 3,450 27,000 5,400 $508,281805$508,281 1. On November 1, 2023, Pronghorn received $10,260 rent from its lessee for a 12 -month lease beginning on that date. This was credited to Rent Revenue. 2. Pronghorn estimates that 6% of the final Accounts Receivable balance on December 31,2023 , will be uncollectible. On December 28,2023 , the bookkeeper incorrectly credited Sales Revenue for a receipt of $1,000 on account. This error had not yet been corrected on December 31. 3. After a physical count, inventory on hand at December 31,2023 , was $80,000. 4. Prepaid insurance contains the premium costs of two policies: Policy A, cost of $1,320, two-year term, taken out on April 1 . 2023: Policy B, cost of $1,656, three-year term, taken out on September 1,2023. 5. The regular rate of depreciation is 10% of cost per year. Acquisitions and retirements during a year are depreciated at half this rate. There were no retirements during the year. On December 31,2022 , the balance of Equipment was $89,500. 6. On April 1, 2023, Pronghorn issued at par value 60$1,000,10% bonds maturing on April 1, 2024. Interest is paid on April 1 and October 1. 7. On August 1, 2023, Pronghorn purchased at par value 18$1,000,10% Larkspur, Inc, bonds, maturing on July 31,2025 . Interest is paid on July 31 and January 31. 8. On May 30,2023 , Pronghorn rented a warehouse for $1,030 per month and debited Prepaid Rent for an advance paymen of $12,360. 8. On May 30, 2023, Pronghorn rented a warehouse for $1,030 per month and debited Prepaid Rent for an advance payment of $12,360. 9. Pronghorn's FV-NI investments consist of shares with total market value of $9,280 as at December 31,2023 . 10. The FVOCl investment is an investment of 470 shares in Yop inc., with current market value of $20 per share as at December 31,2023 . (a) Prepare the year-end adjusting and correcting entries for December 31, 2023, using the information given. Record the adjushing entry for inventory using a Cost of Goods Sold account. (List all debit entries before credit entrles. Credit account tities are artomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles an enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. (To correct incorrect entry) (To record bad debt expense.) 3. 4. I 5. 5. 6. 7. 8. 9. 9. 10

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