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[The following information applies to the questions displayed below] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-lt, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Capital Stock Retained Earnings Dividends Income Summary Rental Fees Earned Salaries Expense 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 Income Taxes Payable 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 of its first year of operations, the corporation entered into the following transactions. Dec. Issued to John and Patty Driver 21,800 shares of capital stock in exchange for a total of $210,00 cash Dec. 1 Purchased for $249,600 11 of the equipment formerly owned by mant-it. paid $135,000 cash and sued 1-year note payable for $110,600. The nota, plus 11 12 months of accrued interest, are due November 30, 2 Dec. 1 Paid $11,000 to Shapiro Realty as three months advance rent on the mental yard and office formerly Recuped by Rent-It Dec 4 purchased office supplies on account from Modern office co 51,600. Payment du in 3 days. These supplies are expected to last for several months; debit the office Supplies set account) Dec. 8 Received 59,000 cash as advance payment on equipment rental from McNamer Construct100 company.ceedit unearned Rental Fee Dec. 8 Received $9,000 cash advance payment on equipoent rental fron McNawer construction Company. (Credit Unearned Rental Fees.) Dec. 12 Pald salaries of $4,900 for the first two weeks in Deceber Dec. 15 Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $18,800, of which $12,860 was received in cash Dec. 17 Purchased on account from Earth Movers in $1,000 parts needed to perform basic maintenance on a rental tractor. Payment is due in 10 days Dec. 23 collected $2,800 of the accounts receivable recorded on December 15 Dec. 26 Rented a backhoe to Mission Landscaping at a price of $330 per day, to be band when the backhoe is returned Mexion Landscaping expects to keep the backhoe for about two or three weeks Dec.26 Paid biweekly salaries, 14.900 Dec. 27 Paid the account payable to Earth Movers, Inc. $1,800 Dec 28 Declared a dividend of 10 cents per share, payable on January 15, Vear 2. Dec. 29 Susquehanna Equipment Rentals was named, along with Mission Landscaping and collier Construction, as a co defendant in a $21,000 lawsuit filed on behalf of Kavia Davenport Mission Landscaping had left the rented backhoe in a fenced construction site owned by Collier Construction. After working hours on December 26, Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe he fell and broke his ar. The extent of the company's legal and financial responsibility for this accident, if any cannot be determined at this time. (Note: This event does not require journal entry at this tise, but ty require disclosure in notes accompanying the statements) Dec 29 Purchased a 12-month public liability Insurance policy for $9.30. This policy protects the company against liability for Injuries and property damage caused by its equipment. However, the policy goes into effect on January 1 Year 2and affords no coverage for the injuries sustained by Kevin Davenport on December 26 Dec.31 Received a 5511 from Universal Utilities for the month of December 5680: Payment is due in 30 days. Dec.31 golprent rental fees warned during the second half of Deceber amounted to 521,000, which $15.700 45 received in Cash Data for Adjusting Entries In Year 1 a. The advance payment of rent on December 1 covered a period of three months. b. The annual interest rate on the note payable to Rent it is 6 percent c. The rental equipment is being depreciated by the straight-line method over a period of eight years. Any salvage value at the end of its useful life is expected to be negligible and immaterial d. Office supplies on hand at December 31 are estimated at $610. e. During December , the company earned $3.900 of the rental fees paid in advance by McNumer Construction Company on December 8 t. As of December 31, six days' rent on the backhoe rented to Mission Landscaping on December 26 has been earned g. Salarles earned by employees since the last payroll date (December 26) amounted to $1.500 at month-end. h. It is estimated that the company is subject to a combined federal and state income tax rate of 30 percent of income before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in Year 2 SUSQUEHANNA COPAS Warshi otsenti De Card Cat Balance sheet counts AB Preps Unexposure Oh wupps Home Undra De Rais Didende Herren ome statement account incontentconte Rentals ames Sales an We 0 De Dewi Nale 1 03