J opened a business on January 1. The business will sell office equipment and also offer consulting services to clients regarding office design. During the month of January. J did the following: Invested $100,000 cash in the company in exchange for common stock Borrowed $500,000 cash in the form of a bank loan Purchased land with cash of $125,000 Prepaid insurance of $20,000 with cash for 4 months Purchased a building for $80,000 cash Purchased office equipment inventory (for resale to customers) for $40.000 cash Purchased supplies on credit for $10,000 Hired an employee that will be paid S5.000 per month, the first paycheck will be Feb. 1st Sold $10,000 of the office equipment inventory for $25,000 cash Received a $25,000 cash retainer from a client to perform consulting services Paid a dividend of $5,000 cash Prepare the journal entries made during January based on the above information. Prepare a trial balance for January. Prepare the adjusting journal entries and an adjusted trial balance for January based on the following additional information. $10,000 in services on the $25.000 retainer received have been completed An additional $20,000 of consulting work has been completed but the client has not yet been billed One month of the prepaid insurance has expired The wage expense for the month of January needs to be recorded Prepare an income statement, statement of retained earnings, and a balance sheet for the month of January