Comprehensive Problem - Part II Talon Expeditions is a company that provides wilderness adventures and expedition gear. Below is additional information regarding the company's accounting policies: Year-end of 12/31/20 Talon records adjusting entries only at the end of the year on 12/31 Round to the nearest dollar for all amounts Straight-line depreciation is used (even amount each year) Part II: Record any adjusting entries made on 12/31/20. For each journal entry please put the required number next to it. Please make sure to write either dr or debit in front of your debits and cr or credit in front of your credits. DO NOT worry about indenting the space for the credit! If there is no journal entry on that date then write 'no journal entry required' For example: 1: Dr. Cash 100 Cr. Accounts Receivable 100 Here are the transactions from Part I for your reference. YOU ONLY Here are the transactions from Part I for your reference. YOU ONLY NEED TO RECORD THE ADJUSTING ENTRIES IN THIS QUESTION. 1. 10/1 - Takes out a loan for $20,000 that is due in 6 months. The annual interest rate is 6%. The loan principal and interest will all be paid at the loans maturity. 2. 11/10 - Five customers buy gift cards for a total of $500. 3. 11/15 - The company rents an additional small warehouse to store some extra inventory items and pays for the next three months of rent on this warehouse (December 2020 and February 2021) to the landlord. The rent each month is $2,550. 4. 11/20 - Talon buys 50 hand warmers for $500 on credit ($10 each). The company will later resell these at its store. 5. 11/30 - The company received an electric bill for $150 for November's usage. The bill will be paid in January. 3. 12/1 - Talon bought a new treadmill for $95,000 with cash. The useful life of the treadmill is 5 years with no residual value. The straight-line method is used. (This is the method from lecture/quiz section.) 2. 12/20 - Sold 50 hand warmers that were bought on 11/20. The meals were sold at a retail price of $5 each. All the customers paid with cash