On Dec 31,2021 , the end of its most recent fiscal year, Umbrella Corporation's post-closing trial balance The company underwent a major expansion in Jan. New staff was hired and more financing was obtained. Umbrella Corporation conducted the following transactions during Jan 2022, and adjusts its accounts monthly. Jan 01 Purchased equipment, paying \$6,210 cash and signing a 2-year note payable for $19,840. The equipment has a 5 -year useful life. The note has a 3% interest rate, with interest payable on the first day of each following month. Jan 02 Issued 20,600 shares of common stock for $51,500 cash. Jan 03 Paid $4,500 cash for a 12-month insurance policy effective Jan 01. Jan 10 Collected $2,100 cash on account from Cross Technological Enterprises. This client was billed in December when Umbrella Corporation performed the service. Jan 14 Paid $1,850 cash for a utility bill. This was related to December utilities that were accrued at the end of December. Adjustment data: 1. Adjustment of prepaid insurance. 2. Equipment depreciation, \$434 per month. 3. Accrual of interest on note payable. 4. Estimated utilities expense for January, \$1,500 (invoice will be received next month). 5. Income tax for January, $3,450 will be paid next month. On Dec 31,2021 , the end of its most recent fiscal year, Umbrella Corporation's post-closing trial balance The company underwent a major expansion in Jan. New staff was hired and more financing was obtained. Umbrella Corporation conducted the following transactions during Jan 2022, and adjusts its accounts monthly. Jan 01 Purchased equipment, paying \$6,210 cash and signing a 2-year note payable for $19,840. The equipment has a 5 -year useful life. The note has a 3% interest rate, with interest payable on the first day of each following month. Jan 02 Issued 20,600 shares of common stock for $51,500 cash. Jan 03 Paid $4,500 cash for a 12-month insurance policy effective Jan 01. Jan 10 Collected $2,100 cash on account from Cross Technological Enterprises. This client was billed in December when Umbrella Corporation performed the service. Jan 14 Paid $1,850 cash for a utility bill. This was related to December utilities that were accrued at the end of December. Adjustment data: 1. Adjustment of prepaid insurance. 2. Equipment depreciation, \$434 per month. 3. Accrual of interest on note payable. 4. Estimated utilities expense for January, \$1,500 (invoice will be received next month). 5. Income tax for January, $3,450 will be paid next month