Peterson Co gathered the information below at December 31, 2018. The company only prepares adjusting entries as of December 31. 1. On 9/1/18, Peterson borrowed $15,000 at 6% annual interest. The first interest payment is due on February 28, 2019. 2. Equipment was purchased on May 1, 2018. Annual depreciation on the equipment is $24,000. 3. Peterson paid $4,800 for 12 months of insurance coverage on October 1, 2018. 4. Peterson received $1,800 from a client on December 1 for services to be performed equally in December and January, 5. Peterson pays its employees total salaries of $42.000 every other Friday for the 2 week period that ends on that Friday. Employees work 7 days a week. On Friday, December 21, 2018, employees were paid $42,000 for the 2 weeks ending December 21, 2018. On Friday, January 4, 2019, employees will be paid $42,000 for the 2 weeks ending January 4, 2019