Part I - ABC Corp. (50 points) ABC Corp. is a hardware retailer that sells home building supplies. It was founded on October 1, 2019. Its fiscal year ends on September 30. Below you will find ABC's economic events/transactions during fiscal year (FY) 2020 and 2021. Fiscal year 2020 (2021) starts on October 1, 2019 (2020) and ends on September 30, 2020 (2021). Required: 1. (10 points) For each event a-f, provide the required journal entries to record the explicit event (Dates are not required) e.g.: Cash Debit Credit X y PP&E Provide the adjusting entries in question 2. a. On October 1, 2019, ABC issued 8,000 common shares for $400,000 cash. Par value of each common share was $0.1. b. On October 19, 2019, ABC purchased nail guns for $100,000. It paid $80,000 in cash, and the rest was on account. C. d. e. f. On November 1, 2019, ABC rented a warehouse to store its inventory. It paid $36,000 cash up front for the 12-month rental period. On December 31, 2019, ABC purchased a truck for $85,000, of which $60,000 was in cash, and the rest on a note. The note is due in 2 years with annual interest rate of 6%. The interest is to be paid semi-annually. The truck is expected to last 5 years with salvage value of $25,000. The company uses the straight-line method to account for depreciation. On November 16, 2019, ABC received $50,000 to sell nail guns. It delivered $15,000 worth of nail guns, and the rest was to be delivered in next fiscal year. The cost of goods sold for the delivered products was $10,000. On June 30, 2020, ABC paid the interest on the note from (d).