ABC Inc. opened its doors on January 1, 2021. The company has a December 31st year end. You are given the following select information with which you are to complete the adjusting journal entries as at December 31, 2021 1. On January 1, 2021, the company prepaid two years of office rent in the amount of $45,000. 2. On December 31st, 2021, the company had Accounts Receivable of $500,000 on its books It is estimated that 2% of these will not be collected. 3. The company purchased office supplies of $16,000 during the year. At the end of the year, there were $10,000 of office supplies on hand. 4. On Dec 31, 2021, the company's unadjusted trial balance shows $50,000 of inventory on hand. However, a physical count of the inventory revealed that only $49,200 of inventory was on hand. 5. On July 1st, 2021, machinery was purchased for $100,000. The machinery had a useful life of exactly 5 years from the date of purchase. The machinery was expected to be worthless after 5 years. The company plans on depreciating these assets evenly over time. 6. The following expenses were incurred but not paid as at December 31st, 2021 Salaries $5.000 7. During late December 2021, the company perfomed some consulting work for a client in the amount of $4,000, This amount will be billed during 2022 There were no additional expenses related to the consulting work. Additional Information: ABC Inc. is subject to an income tax rate of 30% Required: Prepare ABC's required adjusting entries as at December 31st, 2021.