PLEASE HELP ME CORRECT! Brothers Mike and Tim Hargenrater began operations of their tool and die shop $($H & H Tool, Inc.$)$ on January $1,2019.$ The annual

reporting period ends December $31.$ The trial balance on January $1,2020,$ follows: Transactions during $2020$ follow:

a$.$ Borrowed $$15,000$ cash on a $5-$year, $8$ percent note payable, dated March $1,2020.$

b$.$ Purchased land for a future building site on March $15,2020$ ; paid cash, $$18,000.$

c$.$ Earned $$271,000$ in revenue. Transactions dated August $30,2020,$ including $$56,000$ on credit and the rest in cash.

d$.$ Sold $4,000$ additional shares of capital stock for cash at $$1$ market value per share on January $1,2020.$

e$.$ Incurred $$96,000$ in wages expense and $$32,000$ in miscellaneous expenses for $2020,$ with $$27,000$ on credit and the rest paid in

cash.

f$.$ Collected accounts receivables on November $10,2020,$ $$41,000.$

g$.$ Purchased other assets on November $15,2020,$$$18,000$ cash.

h$.$ Purchased supplies on account for future use on December $1,2020,$$$30,000.$

i$.$ Paid accounts payable on December $15,2020,$$$28,000.$

j$.$ Signed a three$-$year $$36,000$ service contract on December $17,2020$ to start February $1,2021.$

k$.$ Declared cash dividends on December $1,2020,$$$28,000,$ which were paid by December $31.$

Data for adjusting entries:

I. Supplies counted on December $31,2020,$$$21,000.$

m$.$ Depreciation for the year on the equipment, $$17,000.$

n$.$ Interest accrued on notes payable $($to be computed$).$

o$.$ Wages earned by employees since the December $24$ payroll but not yet paid, $$20,000.$

p$.$ Income tax expense, $$16,000,$ payable in $2021.$