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Excalibur Corporation manufactures and sells video games for personal computers. The unadjusted trial balance as of December 31, 2011, appears below. December 31 is the company's fiscal year-end. The company uses the perpetual inventory system.
The equipment was purchased in 2009 and is being depreciated using the straight-line method over an eight-year useful life with no salvage value.
The company estimates that 2% of all year-end accounts receivable will probably not be collected.
The company borrowed $30,000 on September 1, 2011. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%.
The company debits supplies expense when supplies are purchased. Supplies on hand at year-end cost $500.
Prepare and complete the worksheet below. Use the information in the worksheet to prepare an income statement and a statement of shareholders' equity for 2011 and a balance sheet as of December 31, 2011. Cash dividends paid to shareholders during the year amounted to $6,000. Also prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts.
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