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Lquipment Rentals COMPREHENSIVE ACCOUNTING CYCLE PROBLEM On Dece Equipment Rentals b. Year 1. John and Patty Driver formed a corporation called Sungachanma als. The new corporation was able to begin operations immedianely by u- the assets and taking over the location of Rent-It, an equipment rental company that out of business. The newly formed company ies the following accounts. Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Rental Equipment Accumulated Depreciation: Rental Equipment Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Rental Fees ncome Taxes Paya Capital Stock Retained Earnings Dividends Income Summary Rental Fees Earned Salaries Expense Maintenance Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense The corporation performs adjusting entries monthly.Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions Dec. 1 Issued to John and Paty Driver 20,000 shares of capital stock in exchange for a total of $240,000 cash. ht Dec. 1 Purchased for $288,000 all of the equipment formerly owned by Reat-It. Paid S168,000 cash and issued a I-year note payable for $120,000. The note. plus all De. 1 Paid $14,400 to Shapiro Realty as three months advance rent on the rental yand Purchased office supplies on account from Modern Office Co. $1,200 Paysen 12 months of accrued interest, are due November 30, Year 2 and office formerly occupied by Rent-It Office Supplies asset account.) due in 30 days. (These supplies are expected to last for several months; debit the Dec. 8 onstruction Company. (Credit Unearned Rental Fees) Paid salaries for the first two weeks in December, 56.240. Excluding the Mc Namer advance, equi irnst 15 days of December amounted to $21,600, of which received in cash. retal ted on account from Earth Movers, Inc:, $720 in parts needed to eceived $9,600 cash as advance payment on equipment rental from McNamer pment rental fees earned during the rqpaira I an expense account.) Payment is due in 10 days accounts receivable recorded on December 15 Dec. 17 tractor. (Debi ollected S2,400 of the 23