II (50 points) ABC Corp. is a merchandising company that sells tables. It was founded on January 1, 2021. Below you will find ABC's economic events/transactions during the month of January 2021. Required: 1. For each event a-g: (21 points) i. Provide the required journal entries to record the event (Dates are not required) e.g.,: Cash PP&E Debit X Credit y ii. Provide any related and required adjusting entries as of January 31, 2021 (Dates are not required) e.g.,: Debit Credit Depreciation Expense X Accumulated Depreciation y a. On January 1, 2021, the founders of ABC contributed to ABC $100,000 in cash and received 1,000 common shares of ABC. Par value of each common share was $0.10. b.On January 1, 2021, ABC acquires a mobile home to be used as office space for $24,000 in cash. ABC expects to use the mobile home for two years. The depreciation expense of this mobile home for January is $1,000. c.On January 1, 2021, ABC rents a warehouse. ABC paid $36,000 cash in advance for 12- months' worth of rent. d.On January 2, 2021, ABC purchased 200 tables for $200 per table. ABC fully paid for the tables in cash - a total of $40,000. e.On January 13, 2021, ABC sells (and delivers) to a reputable customer 100 tables for $40,000 on account. The customer commits to pay the $40,000 in March 2020. f. On January 20, 2021, ABC sold 40 more tables for $20,000 in cash. g. On January 22, 2021, ABC signs an agreement with the Citibank to deliver 40 tables during March 2021. Citibank paid in advance (on January 22, 2021) the entire price for the tables - a total amount of $10,000