Problem \#6 Mar 1, ABC Company paid $525,000 for factory equipment. The equipment will be depreciated over a 10 -year period using straight line depreciation. The equipment has a salvage value of $30,000. Prepare the adjusting journal for Mar 31 . Adjusting Accounts - Unearned Revenue Directions: 1) Prepare GAAP Journal Entries for all of the transactions. 2) Include the mathematical calculations (if you have to calculate a number, show the work.) Problem \#7 Jan 1, Johnson Company received $80,000 cash in advance for six months of accounting services. Today is Jan 31 st and one month of the services have been completed. Prepare the journal entries for Jan 1 \& Jan 31