Janet Bendy decided to open up her own yoga studio and incorporated her new business, Bendy Yoga Inc. (BY), on July 1, 20x3. She invested $20,000 of her own funds and took back 100 common shares in return. She also obtained a 3-year bank loan for $50,000 on July 1st. The loan bears interest of 6%. The interest is due annually on June 30th. She has decided that December 31st will be the business' year end. The following information is also available: 1. On July 1st, 20x3, BY entered into a 1-year lease for studio space. It paid the first and last month rent on that day. Monthly rent is $2,000. 2. On July 3rd, 20x3, equipment was purchased for $10,000 with cash. It is expected to have a 5-year useful life and no salvage value. They plan to use straight-line depreciation. 3. On July 5th, 20x3, office supplies of $650 were purchased on account. At year end, there are $350 of office supplies still on hand. 4. On July 28th, 20x3, the insurance premium of $3,000 was paid with cash. The insurance covers the period August 1st - July 31st 5. Annual yoga memberships went on sale to the public on August 1st. 50 people bought such memberships for $1,100 each on that day with cash. No other annual memberships were purchased in 20x3. 6. On December 15th, 20x3, BY declared a dividend of $4,000. It has not yet been paid. 7. On December 31st, 20x3, BY paid the dividend declared on December 15th Required - Record all necessary initial and adjusting journal entries for the accounting events described above