is at its accounting year$-$end on December $31.$ The following data that must be considered were developed from the companys records and related documents:During the current year, office supplies amounting to $$1,230$ were purchased for cash and debited in full to Supplies. At the beginning of the year, the count of supplies on hand was $$480$; at the end of the year, the count of supplies on hand was $$450.$On December $31$ of the current year, the company catered an evening gala for a local celebrity. The $$7,470$ bill is due from the customer by the end of January of next year. No cash has been collected, and no journal entry has been made for this transaction.On October $1$ of the current year, a one$-$year insurance premium on equipment in the amount of $$1,290$ was paid and debited in full to Prepaid Insurance on that date. Coverage began on November $1$ of the current year.On December $31$ of the current year, repairs on one of the companys delivery vans were completed at a cost estimate of $$630$; the amount has not yet been paid or recorded by Island Kitchen. The repair shop will bill Island Kitchen at the beginning of January of next year.In November of the current year, Island Kitchen signed a lease for a new retail location, providing a down payment of $$2,190$ for the first three months rent that was debited in full to Prepaid Rent. The lease began on December $1$ of the current year.On July $1$ of the current year, the company purchased new refrigerated display counters at a cash cost of $$19,500.$ Depreciation of $$2,600$ has not been recorded for the current year.On November $1$ of the current year, the Island Kitchen loaned $$4,200$ to one of its employees on a one$-$year, $10$ percent note. The principal plus interest is payable by the employee at the end of $12$ months.The income before any of the adjustments or income taxes was $$25,200.$ The companys income tax rate is $20$ percent. $($Hint: Compute adjusted pretax income based on $($a$)$ through $($g$)$ to determine income tax expense.$)2.$ Prepare the adjusting entry required for each transaction at December $31$ of the current year.Note: Round the income tax computation to the nearest dollar. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.