The ledger of Marigold Corp. on March 31 of the current year includes the following selected...

The ledger of Marigold Corp. on March 31 of the current year includes the following selected accounts before quarterly adjusting entries have been prepared:

Prepaid Insurance	$3,540
Supplies	3,000
Equipment	24,150
FV-OCI Investments	159,000
Accumulated Depreciation—Equipment		$9,600
Notes Payable		20,800
Unearned Rent Revenue		8,300
Rent Revenue		60,700
Interest Expense	-0-
Salaries and Wages Expense	13,000

An analysis of the accounts shows the following:

1.		The equipment depreciation is $400 per month.
2.		One half of the unearned rent was earned during the quarter.
3.		Interest of $312 has accrued on the notes payable.
4.		Supplies on hand total $935.
5.		Insurance expires at the rate of $295 per month.
6.		The FV-OCI Investments were purchased for $159,000 on March 1. No investments were purchased or sold after that date. The fair value on March 31 was $179,000.

Expert Solution

ekkarill92 answered 2 years ago

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