Brothers Herm and Steve Hargenrater began operations of their tool and die shop (H \& H Tool) on January 1, 1987, in Meadville, PA. The annual reporting period ends December 31. Assume that the trial balance on January 1,2023 , was as follows: Transactions during 2023 follow. All dollars are in millions, except per share amounts: a. Borrowed $24 cash on a 5-year, 10 percent note payable, dated March 1, 2023. b. Sold 4 additional shares of common stock for cash at $1 market value per share on January 1, 2023. c. Purchased land for a future building site; paid cash, $19. d. Earned $308 in revenues for 2023 , including $65 on credit and the rest in cash. e. Incurred $105 in wages expense and $41 in miscellaneous expenses for 2023 , with $36 on credit and the rest paid in cash. f. Collected accounts receivable, $40. g. Purchased other noncurrent assets, $14 cash. h. Purchased supplies on account for future use, $39. 1. Paid accounts payable, $38. j. Declared cash dividends on December 1,$20. k. Signed a three-year $45 service contract to start February 1, 2024. I. Paid the dividends in (j) on December 31 . Data for adjusting entries (amounts in millions): m. Supplies counted on December 31, 2023, $30. n. Depreciation for the year on the equipment, $15. o. Interest accruein on notes payable (to be computed). p. Wages earned by employees since the December 24 payroll but not yet paid, $17. q. Income tax expense, \$14, payable in 2024. 1 Record the borrowing of $24 cash on a 5 -year note payable \&mimed March 1, 2023. 2 Record the issuance of 4 additional shares for cash at $1 market value per share on January 1, 2023. 3 Record the purchase of land for a future building site, $19 cash. 4 Record the entry for revenues for 2023,$308, including $65 on credit and the rest in cash. 5 Record the wages expense of $105 and miscellaneous expenses of $41 incurred for 2023 , with $36 on credit and the rest paid in cash. 6 Record the collection of accounts receivable, $40. 7 Record the purchase of other noncurrent assets, $14 cash. 8 Record the purchase of supplies on account for future use, $39. 9 Record the payment of accounts payable, $38. 10 Record the $20 cash dividends declared on December 1. 11 Record the $45 three-year service contract signed to start on February 1, 2024. Journal entry worksheet 1RecordthepaymentofcashdividendsonDecember31,$20.58910 Note: Enter debits before credits