Living Corporation (LC), maker of Samson paper products, decided to hold a managers' meeting in Hawaii in April. To take advantage of special fares, LC purchased airline tickets in advance from United One Airlines at a total cost of $78,000. These were acquired on October 1 for cash. Requirements 1. By using the balance sheet equation format, analyze the impact of the October payment and the April travel on the financial position of both LC and United One. 2. Also prepare journal entries for April for both companies. Begin by preparing the adjusting journal entry for LC. Date April 30 Accounts Debit Credit Next prepare the adjusting journal entry for United One. Date April 30 Accounts Debit Credit