At December 31, 2020, Hazelnut Corp.'s unadiusted trial balance was as follows: Cash ................................................................................................ $ 39,590 Accounts Receivable..............................................................69,000 Allowance for Doubtful Accounts ..................................................................... 500 Merchandise Inventory........................................................54,?20 Prepaid Rent24,000 Investment in Pecan Corp. Bonds......................................?'0,000 Plant and Equipment.........................................................156,000 Accumulated Depreciation ............................................................................. 14,?40 Accounts Payable11,3?0 Bonds Payable .................................................................................................... 90,000 Common Shares ..................................................................................................... 170,000 Retained Earnings ............................................................................................. 9?,180 Sales Revenue ......................................................................................................... 222,000 Cost of Goods Sold .................................................................. 154,400 TransportationOut..............................................................11,000 Salaries and Wages Expense.............................................32,000 Interest Expense2,040 Rent Revenue .................................................................................................. 14,400 Miscellaneous Expense890 Insurance Expense6,550 TOTALS fpl 90 $620.1 90 IIHltI It'IL dIUDI: Additional data: 1. The balance in the Insurance Expense account contains the premium costs of three policies: I Policy 1, remaining cost of $2,550, 1yr. term, effective May 1, 2019; I Policy 2, original cost of $2,700, 3yr. term, effective Oct. 1, 2020; - Policy 3, original cost of $1,300, 1yr. term, effective Jan. 1, 2020. 2. On September 30, 2020, Hazelnut received $14,400 rent from a lessee for an 18month lease beginning on that date, which was credited to the Rent Revenue account. 3. All depreciable assets are depreciated at 10% per year. However, any acquisitions and disposals during the year are depreciated at half this rate. There were no acquisitions of PPE during 2020. On December 31, 2019, the balance in the Plant and Equipment account was $230,000. 4. On December 28, 2020, the bookkeeper incorrectly credited Sales Revenue for a receipt on account from a regular customer of $10,000. 5. At December 31, 2020, salaries accrued but unpaid were $4,200. 6. Based upon an aging of the accounts, Hazelnut estimates that 5% of the Accounts Receivable balance on December 31, 2020 will become uncollectible. 7. On August 1, 2020, Hazelnut purchased, as a temporary investment, $70,000, 6% bonds of Pecan Corp. at par. The bonds mature on August 1, 2023. Interest payment dates are July 31 and January 31. 8. On April 30, 2020, Hazelnut rented a warehouse for $2,000 per month, paying $24,000 in advance. Instructions a. Record the necessary correcting and adjusting entries. b. Indicate which of the adjusting entries may be reversed at the beginning of 2021