Exercise 7-21 (Algo) Complete the accounting cycle using long-term asset transactions (LO7-4, 7-7) On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: During January 2024, the following transactions occur: January 1 Purchase equlpnent for 520,300 . The coopany estimates a residual value of 52,300 and a five-year service life. Janvary 4 pay cash on accounts payable, s10,300. Jonsary a Purchase additionol inventory on occount, 390,000 . January is Receive cash on accounts ceceivable, 322,800 , January 19. Pay cash for solaries, 830,600 . Jonuary 28 pay cosh foc January utilities, 517,300 . Innuary 30 firework snies for anuary tota1 3220,000, A11 of these soles are on account, The cost of the unite sold is s119,000. The following information is avaiable on January 31,2024 a. Depreciation on the equipment for the month of January is cakculated using the straight-line method b. The company records an adjusting entiy for $3,460 for estimated future uncollectible occounts c. The company has accrued interest on notes isceivabie lor January d. Unpaid salaries owed to employees ot the end of January are $33.400. 1. The company accued income toxes at the end of January $9.800 Choose the appropriate accounts to complete the company's income statement. The unadjust balances will appear for each account, based on your selection. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection