Heavy Duty Inc. "Please note there are beginning balances. IThe owner paid $25,000 cash into the business through the purchase of common shares 2 Paid opening salaries payable of $3,500 with cash. July lst Purchased equipment for $10,000, by paying $2,000 cash, and signing a four-yea payable for the balance. Interest is due at the end of the loan. The machine had been a value of $10,000. It has an estimated useful life of 4 years; at which time it is expected to Paid $10,000 cash in salaries. Purchased supplies for $2,200 on account. Received $18,000 as a retainer on June lst for work to be completed over the next 12 mon On April Ist paid $12,000 in rent for the year. Performed $34,000 in services on account. Paid $500 towards the account purchase in event \#5. Collected $26,000 from accounts. Paid a cash dividend of $14,000. Physical count of supplies at December 31 st showed a valaue remaining of $350. REQUIRED 1: Complete the horizontal statement model for all above activities. Fnsure vou comblete the totol rows Complete the horizontal statement model for all above activities. Ensure you complete the total rows. Here are your adjusting entries. December 3ist (Year End) Adjusting Entries ADJI Accrue the expense for any incurred interest from the purchase of equipmen event \#3. ADJ2 Calculate Depreciation on Equipment in Event \#3 ADJ3 Expense any incurred rent from event \#7. ADJ4 Recognize any earned revenue revenue from event \#6. REQUIRED 2: Using T-Acocunts, post your adjusting entries ADJ 1-4. 3: Complete a Post-Closing Trial Balance 4: Complete a Statement of Changes in Equity 5: Complete a Balance Sheet