Brothers Mike and Tim Hargen began operations of their tool and die shop (H & H Tool, Inc. on January 1, 2014. The annual reporting period ends December 31, The trial balance on January 1, 2015, follows: Account Titles Credit Cash 6,000 Accounts receivable 5.000 Supplies 13,000 Land 78,000 Equipment Accumulated depreciation (on equipment) 8.000 Other assets (not detailed to simplify) 7,000 Accounts payable Wages payable Interest payable Income taxes payable Long-term notes payable Common stock (8,000 shares, S0.50 par value) 4.000 Additional paid-in capital 80.000 7,000 Retained earnings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Remaining expenses (not detailed to simplify) Totals S 109,000 S 109,000 Transactions during 2015 follow: a. Borrowed S15,000 cash on a five-year, 8 percent note payable, dated March l,2015. b. Purchased land for a future building site: paid cash, S13,000. c. Earned $215,000 in revenues for 2015, including S52,000 on credit and the rest in cash. d. Sold 4.000 additional shares of capital stock for cash at SI market value per share on January l,2015. e. Incurred S114,000 in Remaining Expenses for 2015. including S20,000 on credit and the rest paid in cash. f Collected accounts receivable, S34,000. g. Purchased other assets, S15,000 cash. h. Paid accounts payable, S26,000. i. Purchased supplies on account for future use, S27,000. j. Signed a three-year S33,000 service contract to start February l,2016. k. Declared and paid cash dividends, S25,000. Data for adjusting entries: l. Supplies counted on December 31,2015, S18,000. m. Depreciation for the year on the equipment, SI0,000. n. Interest accrued on notes payable (to be computed). o. Wages eamed by employees since the December 24 payroll but not yet paid, S16,000. p. Income tax expense, sil,000, payable in 2016