On December 31, 2019, Company A had the following account balances:

Cash	$ 90,000	Accumulated Depreciation, Equipment	$ 90,000
Equipment	330,000	Retained Earnings	100,000

Prepare journal entries to record each of the above transactions and adjustments.

In 2020, the following transactions occurred:

• 1.Paid $102,000 for wages during the year. At year end, the company owed another $2,000 to the employees for the last week of work in December.
• 2.Depreciated the equipment for the year. The company had bought its equipment at the beginning of 2017, and it was expected to last 10 years and have a residual value of $30,000.