Crane Ltd. (CL) was incorporated in 2021 and imports fish tanks and related supplies for the saltwater aquarium market. CL primarily imports from Asian suppliers and is a wholesaler supplying independent retailers in Western Canada. During the month of January 2024, CL had the following transactions: Regular entries: Jan. 1 223 13 14 In order to better service its growing business and manage its inventory more effectively, CL purchased new computer equipment to run its inventory system for $118,900, paying cash. CL's management determined that the new computer equipment would have a useful life of five years and a residual value of $8,200, CL also entered into an agreement to lease a warehouse. This would allow the company to import larger shipments from its Asian suppliers and reduce the impact of the long shipping times. In accordance with the lease terms, CL paid $11.820, which represented the first six months' rent, in advance. A major hotel contacted CL about supplying it with an eight-metre saltwater aquarium for the lobby. CL agreed to this and received a $41,000 payment from the hotel. CL ordered the tank the same day and it was scheduled to arrive on February 25. CL has guaranteed that it will be installed before the end of February. CL paid its employees $7.380 for wages earned during the first two weeks of January. 15 CL's board of directors declared dividends in the amount of $16,400, which will be paid on February 15. 19 CL made sales totalling $50,840. Of this, half was cash and the balance was on account. The cost to CL of the products sold was $29.520. Adjusting entries: Jan. 31 The company recorded the $7,380 in wages earned by employees during the last two weeks of the month. These wages will be paid on February 1, 2024. 31 CL recorded the adjusting entry to depreciate the new computer equipment. 31 CL recorded the adjusting entry for the warehouse lease. Prepare the journal entries and adjusting entries for the above transactions. (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation (To record purchase of equipment) Debit Credit