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6. On 8/1/20, Playoffs Inc. paid $36 of interest on the bonds and bought back $100 of the bonds (Bonds Payable listed in the Balance Sheet) with no resulting gain or loss on this repurchase. 7. On 12/31/20, the following transactions should be recorded before preparing the annual financial statements: A. Annual interest rate on the bonds is 12% (make sure the annual interest expense matches the bonds outstanding during the year, otherwise make an adjustment). B. The manager of Playoffs Inc. did not receive his annual salary of $80. C. $100 of depreciation on PP&E needs to be recorded. D. Playoffs Inc. provided lessons to the Lakers during November 2020. A bill for $500 was sent but the payment has not been received yet. E. Playoffs Inc. declared $50 cash dividends on 12/31/20 to be paid in cash on 1/10/21. F. Playoffs Inc. used the office space during the year (from transaction 2.). G. Playoffs Inc. provided 5 months of services (lessons) to the Bucks before the year-end (from transaction 5.).

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