Hello, i have this project and am not to sure what to do, could someone please provide an answer key for this so that i can cross check my answers.

Comprehensive Problem 1 [The following information applles to the questions displayed belowl On December 1, 2015, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of RentIt. an equipment rental company that was going out of business. The newly formed company uses the following accounts: |Sash |Capital stock Accounts receivable Retained earnings Prepaid rent Dividends Unexpired insurance Income summary Office supplies Rental fees earned Rental equipment Salaries expense Accumulated depreciation: Rental equipment Maintenance expense Notes payable Utilities expense Accounts payable Rent expense Interest payable Ofce supplies expense Salaries payable Depreciation expense Dividends payable Interest expense Unearned rental fees Income taxes expense Income taxes payable The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions: Dec. 1 Issued to John and Patty Driver 20,000 shares of capital stock in exchange for a total of $200,000 cash. Dec.1 Purchased for $240,000 all of the equipment formerly owned by RentIt. Paid $140,000 cash and issued a one-year note payable for $100,000. The note, plus all 12-months of accrued interest, are due November 30. 2015. Dec. 1 Paid $12,000 to Shapiro Realty as three months' advance rent on the rental yard and office formerly occupied by Rent-It. Dead- Purchased ofce supplies on account from Modern Ofce (20.. $1,000. Payment due in 30 days. (These supplies are expected to last for several months; debit the Ofce Supplies asset account] Dec. 8 Received $8,000 cash as advance payment on equipment rental from McNamer Construction Company. {Credit Unearned Rental Fees} Dec. 12 Paid salaries for the rst two weeks in December, $5,200. Dec. 15 Excluding the McNamer advance. equipment rental fees earned during the rst 15 days of December amounted to $13,000, of which $12,000 was received in cash. Dec. 17 Purchased on account from Earth Movers. Inc., 5500 in parts needed to repair a rental tractor. [Debit an expense account} Payment is due in 10 days. Dec. 23 Collected $2,000 of'lhe accounts receivable recorded on December 15. Dec. 26Rented a backhoe to Mission Landscaping at a price of $250 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for abouttwo or three weeks. Dec. 26Paid biweekly salaries, $5,200. Dec. 27 Paid the account payable to Earth Movers, Inc., 5500. Dec. ZDeclared a dividend of10 cents per shareI payable on January15, 2015. Dec. 29$usquehanna Equipment Rentals was named. along with Mission Landscaping and Collier Consh'uction, as a co-defendant in a $25,000 lawsuit led on behalf of Kevin Davenport Mission Landscaping had left 'Ihe rented backhoe in a fenced construction site owned by Collier Constuction. After working hours on December 25, Davenport had climbed the fence to play on parked consh'uction equipment While playing on the backhoe, he fell and broke his arm. The extent of the company's legal and nancial responsibility for this accident, if any, cannot be determined at this time. ( Note: This event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.) Dec. 29Purchased a 12-month public-liability insurance policy for $9,500. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on January 1, 2016. and affords no coverage for the injuries sustained by Kevin Davenport on December 25. Dec. 31 Received a bill from Universal Utilities for the month of December, $700. Payment is due in 30 days. Dec. 31 Equipment rental fees earned during the second half of December amounted to $20,000, of which $15,600 was received in cash. Data for Adjusling Entries a. The advance payment of rent on December1 covered a period of three months. b. The annual interest rate on the note payable to Rentit is 5 percent. c. The rental equipment is being depreciated hythe straight-line method over a period of eight years. :1 Ofce supplies on hand at December 31 are estimated at $500. e. During December+ the company earned $3300 of the rental fees paid in advance by McNamer Construction Company on December 3. f. As of December 31, six days' rent on the backhoe rented to Mission Landscaping on December 26 has been earned. 9. Salaries earned by employees since the last payroll date {DeCember 25} amounted to $1,400 at month-end. h. It is estimated that the company is subject to a combined federal and state income tax rate of 40 percent of income before income taxes {total revenue minus all expenses other than income taxes}. These taxes will be payable in 2015. \f\fThe following information relates to month end adjustments: [a] Office supplies on hand September at] amounted to $500. [b] The useful life of the medical equipment was estimated to be 2t] years. {c} Many patients pay in advance for major medical procedures. Fees of seem were earned during the month by performing procedures on patients who had paid in advance. [d] Salaries earned by employees during the month but not yet recorded amounted to seem. {a} On September '1.Anderson Laboratory had moved and paid 2 month's rent in advance. if} Medical procedures performed during the month but not yet billed or recorded amounted to \f\f\f\f2. Using the Adjusted Trial Balance shown below, prepare [a] an Inccnie Statement and (h) a. Statement cfEeuincd Earnings for Ccclidge Repairs Coolidge Repairs Adjusted Trial Balance Jul 3], 21114 H! H \"ND In ! --.'I \":3 3 Incume'TaxEu-m;- ma m m m \fCoelidge Repairs Statement of Retained Earnings Per the Menu: ended July 31, EDI-4 '. Preparejmrmel marries fer the fall'i'inga assimaingmeeempamy uses sperpetual invmtory um... endleeerdspurehssesatmeirnetsmeums. W Purchased merchandise fmm Creme Company sr $3?!) wimre terms arena, m" 40. Retumed 32th] of the merchandise to the Crane Company. Purchased merchandise from the Tt'jl" Dempsey at $600 with the terms efl, m3 m- Pmdmemeuntewedtemermeempsny Seldellefthemerehendlseenhand'emmeCmneCempanyfer snd eelleemd 6% salestexmsddmente the sales -. Imel PaidmemeuntewedtemeTmndmpahyinl