4 Required information rt 2 of 7 Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, follows: H&Tool, Inc. Trial Balance on January 1, 2020 ints 04:17:54 Supplies Land Debit Credit Cash 8,000 Accounts receivable 7,000 22,000 Equipment 89,000 Skipped Accumulated depreciation (on equipment) 8,000 Other noncurrent assets (not detailed to simplify) 11,000 Accounts payable Wages payable Interest payable eBook Pr References Dividends payable Income taxes payable Long-term notes payable Common stock (8,000 shares, 5.50 par value) Additional paid-in capital Retained earnings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Totals Transactions during 2020 follow: 4,000 91,000 34,000 137,000 137,000 a. Borrowed $15,000 cash on a 5-year, 8 percent note payable, dated March 1, 2020. b. Purchased land for a future building site; paid cash, $14,000. c. Earned $303,000 in revenues for 2020, including $60,000 on credit and the rest in cash. d. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020 e. Incurred $100,000 in wages expense and $36,000 in miscellaneous expenses for 2020, with $31,000 on credit and the rest paid in cash. f. Collected accounts receivable, $35,000. g. Purchased other assets, $22,000 cash. h. Purchased supplies on account for future use, $34,000. 1. Paid accounts payable, $33,000. J. Signed a three-year $40,000 service contract to start February 1, 2021. k. Declared cash dividends on December 1, $32,000, which were paid by December 31. Data for adjusting entries: