COMP4-1 (Algo) Recording Transactions (Including Adjusting and Closing Entries), Preparing Financial Statements, and Performing Ratio Analysis LO4-1, 4-2, 4-3, 4-4 (GL) Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, follows: H & H Tool, Inc. Trial Balance on January 1, 2020 Account Titles Debit Credit Cash 9,000 Accounts receivable 8,000 Supplies 31,000 Land Equipment 98,000 Accumulated depreciation (on equipment) 17,000 Other noncurrent assets (not detailed to simplify) 12,000 Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-term notes payable Common stock (10,000 shares, $.50 par value) Additional paid-in capital Retained earnings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Totals Transactions during 2020 follow: 5,000 100,000 36,000 158,000 158,000 a. Borrowed $24,000 cash on a 5-year, 10 percent note payable, dated March 1, 2020. b. Purchased land for a future building site on March 15, 2020; paid cash, $23,000. c. Earned $339,000 in revenue. Transactions dated August 30, 2020, including $69,000 on credit and the rest in cash. d. Sold 6,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020. e. Incurred $109,000 in wages expense and $45,000 in miscellaneous expenses for 2020, with $40,000 on credit and the rest paid in cach