Journalize in the General Journal on Page 1 & 2 the following transactions for December 2020. On December 1st Peter Long invests $40,000 to initiate the operation of his business, Bayside Auto Repair Inc. The business is operated 7 days a week, except holidays. Also, on December 1st Peter enters into a month lease for use of the garage space at Sam's Shell Station located on Utopia Parkway. Rent is $2,500 a month and was paid for three months in advance with first month's rent due on signing of lease. On December 2nd Peter purchased a tow truck for $50,000, paying $10,000 down in cash and signing a note payable for the balance with interest free financing. Earlier on December 2nd, Peter paid $6,000 cash to obtain a one-year insurance policy on the tow truck. On December 5th, Bayside Auto Repair Inc. purchased supplies worth $2,550 on account. On Monday, December 12th, Peter enters into agreement with Bayside Taxi to service its fleet. Bayside Taxi makes an advance payment of $6,000. On December 15th Bayside Auto Repair Inc. purchased land for $25,000 as a site for a future repair garage on Bell Blvd. Peter paid Seller $10,000 in Cash and seller holds a 5-year, 15,000 mortgage note on the land at 8% interest. Peter pays interest, including December's interest, every 3 months starting April 1, 2010. Annual interest for the year is $1,200 and is averaged through the year assuming a 30-day month. On December 16 recorded cash received from customers for fees earned for on account, $3,250. On same day he invoiced customers for repairs performed $2,000. On Friday December 23, Peter paid his mechanic two weeks of wages $2,500. Bayside Auto Repair Co. paid $2,250 of its accounts payable on December 23rd. On December 27, customers invoiced make payment of $1,750. On December 31 recorded service fees earned from customers for the second half of month, $12,000. On same day, of this amount, he invoiced customers for repairs performed, $3,000, the balance having been paid in cash On December 31, Bayside Auto Repair Inc. pays numerous bills which include: Payment to the Gas & Electric Company for December's bill - $450 Payment of Garage area cleaning fee - $250 Payment for advertising in local Pennysaver newspaper- $200 Journalize these payments as one compound journal entry. Prepare a journal entry on December 31 for the payment of $7,500 dividends to the stockholders of Bayside Auto Repair Inc