Dinah Soars, Biff Wellington and Duane Pipe are the stockholders of Sharpe, Incorporated. The Articles of Incorporation for the corporation authorized $500,000$ shares of $$2$ par common stock, and $100,000$ shares of $$30$ par, $4\%,$ preferred stock. As of January $1,2023,$ there were $24,000$ shares of common stock issued and outstanding and $5,000$ shares of preferred stock issued and outstanding. Selected transactions completed by Sharpe Incorporated during the fiscal year$-$ending December $31,2023,$ are as follows: Jan $1$Issued $12,500$ shares of $$2$ par common stock at $$22,$ receiving cash. Jan $1$ Issued $5,800$ shares of $$30$ par, $4\%,$ preferred stock at $$70$ for cash. Feb $1$Purchased equipment for $$195,000,$ paying $$15,000$ cash and financing the remainder with a $180-$day, $6\%$ note payable. Mar $15$ Purchased land for $$352,000$ by issuing $20,000$ shares of common stock. Mar $31$ Purchased a two$-$year insurance policy for $$36,600.$ May $1$ Purchased $1,750$ shares of the companys own common stock at $$22$ per share. May $31$Issued $$1,000,000$ of $8-$year, $7\%$ bonds with interest payable semiannually. The amount of cash received was $$926,896.$ July $30$ Paid the amount due on the note payable signed on February $1.$ Aug $1$ Sold $430$ shares of treasury common stock purchased on May $1$ for $$25$ per share. Sept $15$ Declared a $2\%$ stock dividend on common stock to be distributed on September $30$ to stockholders of record on September $20.$ The market price per share on September $15$ is $$25$ per share. Sept $30$ Distributed the stock dividend declared September $15.$ Oct $1$ Borrowed $$40,000$ from Second Bank by issuing an $7\%$ note. The note is to be repaid in quarterly payments of principal plus interest totaling $$1,860$ per quarter. Oct $16$ Sold $370$ shares of treasury common stock purchased on May $1$ for $$18$ per share. Nov $30$ Paid the semiannual interest and amortized the discount on the bonds issued on May $31.$ Dec $1$ Declared a cash dividend at the stated amount to preferred stockholders and $\mathrm{.}40$ per share to common stockholders payable on December $30$ to stockholders of record on December $16.($Hint: dont forget the shares distributed from the stock dividend$)$ Dec $30$ Paid the cash dividends declared on December $1.$ Dec $31$ Paid the first quarterly installment of the note issued on October $1.$ Dec $31$ Record revenue for the year of $$1,975,000,$ received $$500,000$ in cash, the remainder is on account. Dec $31$ Record expenses for the year, paid in cash $($one compound entry$)$: Rent $$170,000$Utilities $13,200$Salaries $760,000$Advertising $140,000$Medical insurance $32,000$Commissions $63,000$Legal and accounting $18,000$Miscellaneous $8,400$ Adjusting Entries $($At December $31,2023)(1)$The employees accrued vacation pay at the end of the year was $$11,880.(2)$Record depreciation on the equipment purchased on February $1,$ using the straight$-$line method. The equipment has an estimated $9-$year useful life and an estimated residual value of $$2,760.(3)$Record insurance expired on the policy purchased March $31.(4)$ Record the adjusting entry for the interest accrued and the amortization of the premium on the bonds payable since the last interest payment. $($Round the amount to the nearest dollar$)$