Prepare an after-closing trial balance as of December 31. (Round your final answers to the nearest whole dollar.)

Required Information [The following information spplies to the questions disployed below.] On December 1, Year 1, John and Patty Driver formed o corporation called Susquehonna Equipment Rentals. The new corporation wos able to begin operstions immedistely by purchssing the ossets and taking over the locstion of Rent-lt, an equipment rental company that wos going out of business. The newly formed compony uses the following occounts. The corporation performs adjusting entries monthly. Closing entries are performed annuslly on December 31. During December of its first year of operotions, the corporation entered into the following tronsactions. Dec. 1 Issucd to John and Patty Driver 21, eea shares of capital stock in exchange for a total of \$21e,eee cash. Dec. 1 Purchased for $192, eae all of the equipment fornerly owned by Rent-It. Paid $131, eee cash and issued a 1 -year note payable for $51, eae. The note, plus sll 12 months of scerued interest, are due November 30, Year 2. Dec. 1 Paid \$9,390 to shapiro Realty as three months? advance rent on the rental yard and office formerly occupied by Rent-1t. Dec. 4 Purchased office supplies on account fron Modern office Co., \$1,3ee. Payment due in 38 days. (These supplies arc expected to last for several nonths; debit the office supplies asset account.) Dec. 8 Received $8,498 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fecs.) Dec.12 Paid salaries of $5,100 for the first two wecks in Decerber. Dec.15 Excluding the MeNamer advance, equipnent rental fees earned during the first 15 days of December amounted to $18,70, of which $12,1 ea was received in cash. Dec.17 Purchased on account from Earth Movers, Inc., \$89e in parts necded to perform basic maintenance on a rental tractor. Payment is due in 19 days. Dec. 23 Collected $2,2 ef of the accounts receivable recorded on December 15 . Dec.26 Rented a backhoe to Mission Landscaping at a price of $300 per day, to be paid when the backhoe is returned. Mission Landscaping expects to kecp the backhoe for about two or three weeks. Dec. 26 Paid biweckly salaries, $5,198. Dec.27 Paid the account payabic to Earth Movers, Inc., $900. Dec.28 Declared a dividend of 19 cents per share, payable on January 15, Year 2. Dec.29 Susquchanna Equipment Rentals was naned, slong with Mission Landscaping and collicr Construction, as a codefendant in a \$28, eae lawsuit filed on behalf of Kevin Davenport. Mission Landscaping had left the rented backhoe in a fenced construction site owned by collier construction. After working hours on Decerber 26 , Davenport had climbed the fence to play on parked construction equipnent. While playing on the backhoe, he fell and broke his arn. The extent of the compony's legal and financial responsibility for this accident, if any, cannot be determined at this tine. (Note: This event does not nequire a journal entry at this tine, but may require disclosure in notes accompanying the statements.) Dec.29 Purchased a 12-month public liability insurance policy for \$9,120. This policy protects the conpany against liability for injuries and property danage caused by its equipnent. However, the policy goes into effect on January 1, Year 2, and affords no coverage for the injuries sustained by Kevin Davenport on Decerber 26. Dec.31 Received a bill fron Universal Utilities for the nonth of Decenber, \$6ge. Paynent is due in 39 days. Dec.31 Equipment rental fees earned during the second half of Decerber amounted to $2, 5ee, of which $16, eee was received in cash. Data for Adjusting Entrles in Year 1 a. The sovence poyment of rent on December 1 covered o period of three months. b. The onnusl interest rote on the note poysble to Rent-lt is 6 percent. c. The rental equipment is being depreciated by the stroight-line method over a period of eight years. Any solvoge 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 compsny esrned $4,400 of the rental fees poid in odvonce by McNamer Construction Compony on December 8. f. As of December 31, six doys' rent on the bockhoe rented to Mission Lsndscoping on December 26 hos been earned. g. Solaries earned by employees since the last poyroll date (December 26 ) amounted to $1,800 at month-end. h. It is estimsted that the compony is subject to a combined federal and stote income tox rate of 40 percent of income before income toxes (total revenue minus all expenses other thon income toxes). These toxes will be poyoble in Year 2. SUSQUEHANNA EQUIPMENT RENTALS After-Closing Trial Balance December 31, Year 1 \begin{tabular}{|l|l|l|l|} \hline \end{tabular}