Question 7 (30 points) The accounting records for Panda Company contained the following balances as of December 31, 2019: Assets Liabilities and equity Cash $40,000 Accounts Payable $17,000 Accounts receivable $16,500 Share Capital $45,000 Land $20,000 Retained Earnings $14,500 TOTAL ASSETS $76,500 TOTAL LIABILITIES + S/E $76,500 The following accounting events apply to Panda's 2020 fiscal year: JAN 1. The company acquired an additional $20,000 cash from the owners. JAN 1. Panda purchased a computer that cost $17,000 for cash. The computer had estimated $2,000 salvage value and an estimated three-year useful life. an MAR 1. The company borrowed $10,000 by issuing a one-year note at 12 percent. MAY 1. The company paid $2,400 cash in advance for a one-year lease for office space. JUN 1. The company made a $5,000 cash distribution to the owners. JUL 1. The company "purchased land that cost $10,000 cash. AUG 1. Cash payments on accounts payable amounted to $6,000. AUG 1. Panda received $9,600 cash in advance for 12 months of service to be per formed monthly for the next year, beginning on receipt of payment. SEP 1. Panda sold land for $13,000 cash. The land originally cost $16,000. OCT 1. Panda purchased $1,300 of supplies on account. NOV 1. Panda purchased a one-year, $20,000 certificate of deposit at 6 percent. DEC 31. The company earned service revenue on account during the year that amounted to $40,000. DEC 31. The company incurred other operating expenses on account during the year that amounted to $6,000. DEC 31. Salaries that had been earned by the sales staff but not yet paid amounted to $2,300. DEC 31. Supplies worth $200 were on hand at the end of the period. DEC 31. On the basis of the preceding transaction data, there are five additional adjustments that need to be made before the financial statements can prepared. be Required: Using the accounting equation, record all the necessary entries. (2 marks each entry)