Lakeview company completed the following two transactions. the annual accounting period ends december 31.

a.
on december 31, calculated the payroll, which indicates gross earnings for wages ($92,000), payroll deductions for income tax ($9,200), payroll deductions for fica ($6,900), payroll deductions for american cancer society ($3,450), employer contributions for fica (matching), and state and federal unemployment taxes ($690). employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded.

b.
collected rent revenue of $6,225 on december 10 for office space that lakeview rented to another business. the rent collected was for 30 days from december 11 to january 10 and was credited in full to unearned rent revenue.

required:
1& 2. complete the required journal entries for the above transactions as shown below:
(i) prepare the entries required on december 31 to record payroll.

(ii) prepare the journal entry for the collection of rent on december 10.
(iii) prepare the adjusting journal entry on december 31.
(do not round intermediate calculations. if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)
3.
show how any liabilities related to these items should be reported on the company’s balance sheet at december 31.

Peninsula products has just applied for a loan at your bank. when reviewing peninsula's books for the year that just ended, you notice that the firm uses the fair value option for its bonds payable. you also see that the firm recorded a $55,000 debit in its bonds payable account and a $55,000 credit in its unrealized holding gain or loss"income account. over that same period, interest rates decreased by about 0.5 percent. how should this information affect the bank's decision as to whether to grant peninsula a loan? a : the bank should strongly consider giving a loan to peninsula because the changes in firm's bonds payable and unrealized holding gain or loss"income accounts suggest that peninsula has seen an increase in its credit rating over the past year. b : the bank should put little emphasis on the changes in peninsula's bonds payable and unrealized holding gain or loss"income accounts because these changes are likely the result of the rise in interest rates. c : the bank should hesitate before giving a loan to peninsula because the changes in firm's bonds payable and unrealized holding gain or loss"income accounts suggest that peninsula has seen a decline in its credit rating over the past year. d : the bank should put little emphasis on the changes in peninsula's bonds payable and unrealized holding gain or loss"income accounts because these changes are likely unrelated to either interest rates or the firm's credit rating.