Prepare a statement of Changes in Equity for the year ended December 31. (Round your final answers to the nearest whole dollar.) Opening balances (1/1) Subtotal Ending balances (12/31) SUSQUEHANNA EQUIPMENT RENTALS Statement of Changes in Equity For the Year Ended December 31, Current Year Share Capital Retained Earnings $ 0 0 Total Equity $ $ 0 0 0 0 0

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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. 1 Issued to John and Patty Driver 24,000 nes shares in exchange for a total of $240,000 cash. Dec. 1 Purchased for $259,200 all of the equipent formerly okned by Rent-1t. Paid $140, eoe cash and issued a 1 -year note parable for $119,260. The note, plus al1 12 months of accrued interest, are due lloveseber 39 , Year 2 . Dec. 1 Paid $10,3e0 to Shapiro Realty as three months? advance rent on the rental yard and office formerly occupied by Rent-It. Dec. 4 Purchased office supplies on account from Modern office Co., \$1,400. Payment due in 30 days, (These supplies are expected to last for several nonths; debit the Office supplies asset account.) Dec. 8 Received $8,300 cash as advance payment on equipoent rental from Mclianer Construction Company. (Credit Unearned Rental Fees.) Dec. 12 Paid salaries of $5,100 for the first two weeks in Decenber: Dec. 15 Excluding the McNamer advance, equipment rental foes earned during the first is doys of Decenber anounted to $18,400, of which $12,600 was recelved in cash. Dec. 27 Purchased on sccount from Earth Movers, Inc., $908 in parts needed ta perforn basic raintenance on a rental tractor. Payment is due in 10 days. Dec. 23 Collected $2,809 of the accounts receivable recorded on Decenber 15 . Dee.26 Rented a backhoe to Mission tandscaping at a price of $260 per day, to be paid shen the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. Dec.26 Paid biweekly salaries, $5,100. Dec. 27 Paid the account payable to Earth Movers, Inc, $900. Dec.28 Declared a dividend of 10 cents per share, payable on January 15, Year 2. Dec.29 Susquehanna Equipent Rentals was named, along with Mission Candscaping and Collier Construction, as a codefendant in a $30, 000 lawsuit filed on behalf of Kevin Davenport. Nission Landscoping had left the rented backhoe in a fenced construction site owned by Collier Construction. After working hours on Decenber 26 , Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe, he fell and broke his are. The extent of the company's legal and financial responsibility for this accident, if any, cannot be determined at this time. (Noter This event does not require a jeurnel entry at this time, but may require disclosure in notes accoepanying the statenents.) Dec. 29 Purchased a 12 -month public liability insurance policy for $9,120. This policy protects the company against liability for injuries and property dasage caused by its equipnent. However, the policy goes inte effect on January 1, Year 2, and affords no coverage for the injuries sustained by Kevin Davenport on Decenber 26. Dee.31 Received a bill from Universal Utilities for the month of Decenber, S68k. Payaent is due in 30 days. Dec. 31 Equipment rental fees earned during the second half of Decenber anounted to $20, 000 , of utuich $15, 600 was recelved in cash. repare a statement of Changes in Equity for the year ended December 31. (Round your final onswers to the nearest whole dollar.) Required information [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-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Doto 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-tt 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 negligble and immaterial. d. Office supplies on hand at December 31 are estimated at $610. e. During December, the company earned $4,300 of the rental fees paid in folvance by McNamer Construction Company on December 8 . 1. As of December 31, six days' rent on the backhoe rented to Mission Landscaping on December 26 has been earned. 9. Salaries earned by employees since the last payroll date (December 26) amounted to $1,900 at month-end. h. It is estimated that the company is subject to an income tax rate of 30 percent of profit before income taves fotal revenue minus all expenses other than income taxes) These taxes will be payable in Year