Crane Company began operations on January $1,2024.$ In its first year, the following transactions occurred:

Issued common shares for $$384,000$ cash.

Borrowed $$64,000$ from the bank for a five$-$year term.

Purchased equipment for $$256,000$ cash.

Purchased supplies, on account, for $$6,400.$

Sales on account amounted to $$128,000.$

Collected $$108,800$ from customers for services provided earlier.

Paid wages of $$38,400$ to employees.

Paid $$25,600$ for utilities $($telephone$,$ electricity, heat, & water$).$

For Crane Company, the following adjustments are required prior to them being able to prepare financial statements for the year

ended December $31,2024.$

The bank loan was taken out on January $1^{st}$ and has an interest rate of $8\%.$ Interest is due January $1^{st}$ of the following year.

The equipment was purchased on January $1^{st}$ and has an estimated useful life of $10$ years and a residual value of $$12,800.$ The

company uses the straight$-$line depreciation method.

Wages in the amount of $$1,920$ were owed at year end.

Rent in the amount of $$15,360$ was due at year end but was not recorded or paid.

A physical count at year end revealed that only $$1,920$ of the supplies remained on hand.

PREPARE THE NECESSARY ADJUSTING JOURNAL ENTRIES TO RECORD EACH OF THE ABOVE ADJUSTMENTS