AApp1-2 Journalize Transactions and AdjustmentsValuation: Zfind Corp. reports the following in the month of April: a. Issued 17,000 no-par common shares for cash, $68,000. b. Issued 15,000 no-par common shares for a piece of used equipment with an appraised value of $52,000. The equipment had an original cost of $76,000 to the seller three years ago. The net book value (cost less accumulated depreciation) on the books of the seller was $42,900 on the date of sale. c. Bought land with an appraised value of $70,000. An 8%, three-year note payable was issued in the amount of $50,000, and $20,000 was paid in cash. d. Bought office supplies on account, $1,200. An asset account is debited. e. Hired three employees at the beginning of the month. All employees are paid on a monthly basis. Monthly salaries for the three will amount to $8,000. (Two will be paid $3,000 per month each, and one will be paid $2,000 per month.) f. Three months' rent is paid in advance. The lease calls for $1,000 of rent per month. An asset account is debited. g. Goods for resale in the amount of $120,000 are bought. Twenty percent of the price is paid in cash, and the rest is on account. These goods are priced to sell at $266,000. h. Received an order from a customer for goods worth $50,000. The goods will be shipped in the next week (see [j]). i. Miscellaneous operating expenses are paid in the amount of $14,400, cash. j. Goods are delivered to customers and they are billed, on account, $245,000. The order, in (h) above, is included in this total. The goods delivered to the customers cost $110,000. There are still goods that cost $10,000, with a retail value of $21,000, in inventory. k. One month has gone by, and monthly rent expense is recorded. Page 789 1. Employee salaries for one month are paid. m. The board of directors declares, ut does not pay, a dividend in the amount of $13,600. n. Office supplies on hand at year-end, per physical count, are $400. o. Goods purchased on account in (g) above are paid for in full. p. Eighty percent of the accounts receivable from customers, as recorded in (j) above, are received. Required: 1. Journalize the transactions and events listed above. If no journal entry is needed, write no entry. Zfind uses a perpetual inventory system. If there is a choice of value to use, justify your choice. 2. Which entries recorded are transactions, and which are adjustments? Explain