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Required: An analysis of the accounts shows the following changes. Prepare the adjusting entries and post the transactions. The account balances have been provided for you. The equipment worth $40,000 was purchased on October 1. It has a salvage value of $5,000 and a useful life of 5 years. $12,000 of unearned revenues have been earned by December 31 . The $50,000,12%,4-year note was signed on December 1,20XX. Tnterect is naid vearly on Novemher 3 each vear Salaries of $4,200 were unpaid on December 31 , and will be paid on January 5,20X1 Date Account Title and Explanation December 31