8. The cornpany borrowed $50,000 on January 1,2010 from the local bank ans signed a note, payable in two years. The company pays the interest that moned in the prior month on the first day of the following month. For example, the interent that accrues during January is paid on February I", and so on. Instructions: 1. Prepare the necessary adjusting entries at December 31,2010. 2. Determine the amount of rent paid on June 1,2010. 3. Determine the number of year that the equipment has been used as of December 31, 2010. 4. Determine the average monthly rent expense during 2010 5. Determine the amount of tax expense paid during the year. Manhattan Park adjusts and closes its books once on Decenher 31 eale yew The wid balance at Dec 31, 2010, before adjustrients, follown: Alditexul Infermation: 1. The insirnoresas paid on Jan 1,2010 to cover 15 months. A. Silaries are paid every weck on Friday, The year-cnd, December 31, fell od a Dinter 31", 2010, amount to $1,800, fife of the opuipment was entimated to be 20 ycars with PV=0