Comprehensive Problem 1 (The following information applies to the questions displayed below] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts Cash Capital Stock Retained Earnings Dividends Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Rental Equipment Accumulated Depreciation: Income Summary Rental Fees Earned Salaries Expense -Rental Equipment Maintenance Expense Notes Payable Accounts Payable Utilities Expense Rent Expense Interest Payable Salaries Payable Office Supplies Expense Depreciation Expense Interest Expense Dividends Payable Unearned Rental Fees Income Taxes Expense Income Taxes Payable The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions Dec1 Issued to John and Patty Driver 20,000 shares of capital stock in exchange for a total of $240,000 cash Dec1 Purchased for $288.000 all of the equipment formerly owned by Rent-It. Paid $168,000 cash and issued a 1-year note payable for $120,000 The note, plus all 12 months of accrued interest, are due November 30, Year 2 This question will be semt to your instructor for grading. 2 of 2 Next