DE Insecto. Inc. was organized on July I by four friends to provide insects inspections and treatment to homeowners and small businesses. The following transactions occurred during the first month of operations: 1. July 1: Received contribution of $150 per share from each of the four owners of the new business in exchange for shares of stock. Each one has received 400 shares. 2. July 2: Purchased land valued at $33,000 and a building valued at $147,000. The seller agreed to accept a mon Payment of 10%. 15% is due within 60 days and a 4-year, 10% (annual rate) bank loan for the balance monthly reimbursed and paid. The building has an estimated useful life of 20 years and an estimated salvage value of $15,000. 3. July 5: Purchased flashlights, tools, spray equipment, and ladders for $35,000, with a down payment of $7,000 and the balance due in 15 working days (July 23). The equipment has an estimated useful life of 10 years and an estimated salvage value of $2,000. 4. July 12: The company agreed with LawKensy's Inc. to deliver an insect treatment on July 19 at $40,000 with (Algun payment of 30% (made today as a costumer payable) and the balance is due in 20 working days (August 6). 5. July 26: The four owners of the company decide to pay a dividend of 2,000 per individual. 6. July 27: Paid $2,200 for utilities. 7. July 28: The payroll agent has established the July payroll. The total amount to be paid on August 2 in wages and salaries is of $14,500. Required: 1. Prepare the Journal Entries (normal and adjusted) of Insecto. Inc. on July 31. (39 points) 2. Prepare the General Ledger of Insecto. Inc. on July 31. (27 points) 3. Prepare the Trial Balance and the Retained Earnings' T-account of Insecto. Inc. on July 31. (17 points) 4. Prepare the Net income and the Balance Sheet of Insecto. Inc. on July 31. (17 points) Instructions: Documents are not allowed. The use of mobile phones is strictly prohibited during the exam. Any communication between candidates is prohibited during the exam. Any attempt of fraud implies an eliminatory grade for the offender