Journal Entries Valley Jet Engines, Inc. began operations in January of this year. For the year, the company had the following transactions: Transactions Jan. 1 The company issued 100,000 shares of $10 par value common stock to LJ Porter in exchange for $880,000 in cash and equipment valued at $400,000. Jan. 1 The company prepaid $120,000 in cash for a 24 month insurance policy. Feb. 1 The company borrowed $140,000 on a 3-year, 5% installment note payable. The terms of the note require the company to make equal payments of $51,409 each December 31 for 3 years. Mar. 1 The company provided engine repair services to a customer and received $300,000 in cash. Jul. 1 The company issued 4% 5-year