Recording the journal entries for the fiscal year 2012 (Jan 1- Dec 31) use the j

Question

Recording the journal entries for the fiscal year 2012 (Jan 1- Dec 31)
use the journal entry number for the journal entry reference. (please see attachment)

Balance Sheet as of December 31st
Assets 2011 2010
Cash $785,000 $675,000
Short term investments in cash equivalents $75,000 $15,000
Accounts Rec. $455,000 $525,000
Allowance for Bad Debt $(25,000) $(105,000)
Inventory$975,000 $775,000
Current Assets$2,265,000 $1,885,000

Equipment $5,000,000 $5,000,000
Accum.Deprectation $(2,000,000) $(1,500,000)
LT Notes Receivable $285,000 $-
Land $1,450,000 $1,450,000
Non-Current Assets $4,735,000 $4,950,000
Total Assets $7,000,000 $6,835,000

Liabilities
Accounts Payable $450,000 $570,000
Wages Payable $150,000 $185,000
Dividends Payable $155,000 $135,000
Current Liabilities $755,000$890,000

LT Notes Payable$1,250,000 $1,250,000
Total Liabilities $2,005,000$2,140,000

Stockholders Equity
Contributed Capital $3,000,000 $3,000,000
Retained Earnings $1,995,000 $1,695,000
Total Liabilities and Equity $7,000,000 $6,835,000

Prior year's income statement account balances
2011 2010
Sales, net $2,435,000 $2,500,000
COGS $850,000 $780,000
Wages Expense $565,000 $785,000
Interest Income $52,000 $56,000
Interest Expense $56,250 $56,250
Bad Debt Expense$60,750 $45,000
Depreciation Expense$500,000 $500,000

Explanation / Answer

Data is clear but what is the question????

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