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Check my work 5 C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6) [The following information applies to the questions displayed below.) Part 5 of 9 Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Incorporated) on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows (the amounts are rounded to thousands of dollars to simplify): 20 points Credit eBook Debit $ 4 4 11 0 62 Print References $ 7 18 Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense 7 6 0 0 0 0 72 7 0 0 0 0 0 0 Accounting Cycle Project #1 Saved Help Save & Exit Submit 5 Check my work 5 Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals 0 0 0 0 0 0 Part 5 of 9 $ 99 $ 99 Transactions and events during 2021 (summarized in thousands of dollars) follow: 20 points eBook Print References a. Borrowed $13 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $7. c. Issued additional shares of common stock on April 3 for $25. d. Purchased software on July 4, $12 cash. e. Purchased supplies on account on October 5 for future use, $17. f. Paid accounts payable on November 6, $14. g. Signed a $30 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $164 on December 8, including $42 on credit and $122 collected in cash. 1. Recognized salaries and wages expense on December 9, $87 paid in cash. j. Collected accounts receivable on December 10, $26. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $7. 1. Supplies counted on December 31, 2021, $11. m. Depreciation for the year on the equipment, $7. n. Interest of $2 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $11. p. Income tax for the year was $9. It will be paid in 2022. Check my work 5 Required information Req 6A Req 6B Req 6C Part 5 of 9 Prepare an income statement. (Enter your answers in thousands of dollars.) H&H TOOL, INCORPORATED Income Statement 20 points (in thousands) eBook Print References 0 5 Check my work 5 Required information Req 6A Req 6B Req 6C Part 5 of 9 Prepare the statement of retained earnings. (Enter your answers in thousands of dollars.) 20 points H&H TOOL, INCORPORATED Statement of Retained Earnings eBook (in thousands) Balance, January 1, 2021 Print References Balance, December 31, 2021 $ 0 5 Check my work UT Required information Balance Sheet Part 5 of 9 (in thousands) 20 points eBook Print References 0 0 Equipment 0 Software 0 0 $ 0 $ 0