of 3 Ok ht nces Required information. [The following information applies to the questions displayed below.] RunHeavy Corporation (RHC) is a corporation that manages a local band. It had the following activities during its first month. a. RHC was formed with an investment of $10,200 cash, paid in by the leader of the band on January 3 in exchange for common stock. b. On January 4, RHC purchased music equipment by paying $1,000 cash and signing an $9,200 promissory note payable in three years. c. On January 5, RHC booked the band for six concert events, at a price of $2,600 each, but no cash was collected yet. d. Of the six events, four were completed between January 10 and 20. e. On January 22, cash was collected for three of the four events. The other two bookings were for February concerts, but on January 24, RHC collected half of the $2,600 fee for one of them. g. On January 27, RHC paid $2,140 cash for the band's travel-related costs. h. On January 28, RHC paid its band members a total of $2,100 cash for salaries and wages for the first three events. 1. As of January 31, the band members hadn't yet been paid wages for the fourth event completed in January, but they would be paid in February at the same rate as for the first three events. J. As of January 31, RHC has not yet recorded the $111 of monthly depreciation on the equipment. k. Also, RHC has not yet paid or recorded the $69 interest owed on the promissory note at January 31. 1. RHC is subject to a 25% tax rate on the company's income before tax. Post the entries from requirement 1 to T-accounts. Debit Beginning Balance (a) ((e) Ending Balance Beginning Balance (b) Ending Balance Cash Credit Debit Beginning Balance 10,200 1,000 (b) (d) 7,800 2,140 (g) 1,300 2,100 (h) 14,060 Ending Balance Equipment Debit Credit Debit Beginning Balance Debit Beginning Balance 10,200 10,200 Deferred Revenue 1,300 Ending Balance Accounts Receivable Credit 10,400 7,800 (e) 2,600 Accumulated Depreciation Credit 0 Salaries and Wages Payable Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Dainan Debit Deferred Revenue 1,300 1,300 Credit Debit Beginning Balance Ending Balance Salaries and Wages Payable 790 Credit Interest Payable Income Tax Payable Debit Credit Debit Credit Beginning Balance Ending Balance 0 Notes Payable (long-term) Common Stock Debit Credit Debit Credit Beginning Balance 0 Ending Balance Required information Retained Earnings. Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance 0 Ending Balance 0 Travel Expense Salaries and Wages Expense Debit Credit Debit Credit Beginning Balance Beginning Balance - Ending Balance Beginning Balance Ending Balance Interest Expense. Depreciation Expense Debit Credit Debit Credit Beginning Balance Endinn Ralance 0 Fndinn Ralance 0 Required information Ending Balance Beginning Balance Ending Balance Ending Balance Interest Expense Debit Credit Debit Beginning Balance Income Tax Expense Debit Credit Beginning Balance Ending Balance 0 Depreciation Expense Ending Balance 0 Credit Cash RUNHEAVY CORPORATION Adjusted Trial Balance Accounts Receivable Equipment Accumulated Depreciation Deferred Revenue Salaries and Wages Payable + Interest Payable Income Tax Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Travel Expense Salaries and Wages Expense Interest Expense Depreciation Expense Debit Credit Required information Casn Accounts Receivable Equipment Accumulated Depreciation Deferred Revenue Salaries and Wages Payable Interest Payable Income Tax Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Travel Expense Salaries and Wages Expense Interest Expense Depreciation Expense Income Tax Expense Totals + $ 0 $ 0 < Req 2A Req 2B > Req 3A Req 3B Prepare an income statement for January 31. RUNHEAVY CORPORATION Income Statement < Req 3A 0 0 RUNHEAVY CORPORATION Balance Sheet 0 0 $ 0