ACME Inc. reported the following trial balance for the year ending Dec. 31, 2017.

Cash                               45,000
Accounts Receivable       15,000
Inventory                         20,000
Note Receivable             60,000
Interest Receivable
Plant, Porperty & Equip. 1,125,000
Accumulate Depreciation                   800,000
Land                               700,000
Note Payable                                        180,000
Interest Payabe                                  15,000
Common Stock                                     2,000
Retained earnings                               878,000
Sales Revenue                                  1,200,000
Cost of goods Sold          960,000
Salaries                         120,000
Insurance                         30,000

Notes indicate that:
Bookeeper was instructed to charge all checks written to the appropriate expense.
Accountant will do all adjusting, accruals and deferrals.
Of the notes receivable:
30,000 was a 10 year all interest payable at the end of ten years loan to the Vice President of the company.
Interest 2%.
Loan was made on January 2, 2017.
The balance of the notes receivable was to a customer to upgrade their facility so they could use more of what
ACME Inc. produced.
Loan was July 1, 2017, 6% with $10,000 and all accrued interest to be paid June 30, 2018, June 30, 2019 and
June 30, 2020.
Depreciation for 2017 was 25,000.
Insurance was for a 3 year policy beginning July 1, 2017.
Salaries included a 20,000 salary advance to an executive, to be repaid by withholding 500 from his weekly salary until repaid. No interest payable.
Prepare adjusting entries, balance sheet and income statement.

ACME Inc. reported the following trial balance for the year ending...