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

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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 2012 information (the following events occurred during 2012) 1. The company sells

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