Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H&H Tool, Inci) on January 1,2019 . The annual reporting period ends December 31. The trial balance on January 1,2020 , follows: Transactions during 2020 follow: a. Borrowed $15,000 cash on a five-year, 8 percent note payable, dated March 1, 2020 . b. Purchased land for a future bullding site; paid cash, $13,000. c. Earned $215,000 in revenues for 2020 , including $52,000 on credit and the rest in cash. d. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1,2020. e. Incurred $89,000 in wages expense and $25,000 in miscellaneous expenses for 2020, with $20,000 on credit and the rest paid in cash. f. Collected accounts receivable, $34,000. g. Purchased other assets, $15,000 cash. h. Purchased supplies on account for future use, $27,000. 1. Paid accounts payable, $26,000. 1. Signed a three-year $33,000 service contract to start February 1, 2021 . k. Declared cash dividends on December 1, $25,000, which were paid by December 31. [Hint: Prepare two entries.] Data for adjusting entries: 1. Supplies counted on December 31,2020,$18,000 m. Depreciation for the year on the equipment, $10,000. n. Interest accrued on notes payable (to be computed). 0. Wages earned by employees since the December 24 payroll but not yet paid, $16,000. p. Income tax expense, $11,000, payable in 2021 . Each journal entry is posted automatically to the general ledger. Use the drop-down box below to view the unadjusted, adjusted, or post-closing balances in the General Ledger. \begin{tabular}{|c|c|c|c|c|} \hline & January 01, 2020 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated depreciation-equipment } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & January 01. 2020 & & & 8,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{} & \multicolumn{3}{|c|}{ Other assets } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01, 2020 & & & 7,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Common stock } \\ \hline No. & Date & Doblt & Credit & Balance \\ \hline January 01, 2020 & & & 4,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Additional paid-in capital } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & January 01, 2020 & & & 80,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01, 2020 & & & 17,000 \\ \hline \end{tabular} General Journal Trial Balance >
