RP TRADING CORPORATION was incorporated on January 1, 2021 and has been authorized to issue 5,000 shares of 12% non-cumu

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RP TRADING CORPORATION was incorporated on January 1, 2021 and has been authorized to issue 5,000 shares of 12% non-cumulative, non-participating preference share with $120 par value per share and 80,000 ordinary shares of stock with $20 par value per share. Below is the company’s trial balance as of December 31, 2021, as prepared by one of the company’s management trainees:
Cash
$1164000
After careful investigation, it was noted that the following transactions and year-end adjustments were not yet incorporated in the trial balance:
Date
Store furnitures and fixtures are expected to have a 5 year useful life with 20% salvage value. Office equipment is expected to have 10 years useful life with no residual value. All fixed assets were purchased at the beginning of the year and are depreciated using the straight-line method
Prepare a General journal (Journal entries), Balance worksheet, statement of profit and loss, and statement of financial position. Thank you!