Consider the following transactions of the Mitrovica Company, a diversified manufacturing and…

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Consider the following transactions of the Mitrovica Company, a diversified manufacturing and construction company, for the year ended December 31, 2014: 1. Leased office space to a tenant for a one-year period beginning October 1. Four months of rent at $2,000 per month was received in advance. 2. Received a sales order for merchandise that cost $9,000. It was sold for $16,000 on December 28 to Warfield Company. The goods were shipped FOB shipping point on December 31. Warfield received them on January 3, 2015. 3. Signed a long-term contract to construct a building at a total price of $2 million. The total estimated cost of construction is $1.4 million. During 2014, the company incurred $300,000 of costs and collected $175,000 in cash. 4. Mitrovica introduced a new product into the market. The company shipped new product costing $25,000 to its customers retail outlets. The customers were billed $50,000 for the product. To promote the product, Mitrovica does not require payment until June 2015 and if Mitrovica s customers do not sell all of the product by June 2015, they can return the unsold product to Mitrovica. Th e product is new and Mitrovica is uncertain if it will sell. 5. Issued a $5,000, six-month, 4% note receivable on September 1, with interest payable at maturity. 6. Received a sales order from a new customer for $20,000 of merchandise that cost $10,000. The customer was required to prepay the invoice. On December 29, 2014, a cheque for $20,000 was r

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