Question Completion Status: QUESTION 25 12 Assume the year runs from January 1 to December 31 for the Year 2018. On May 1, Company DEF ("The Company) purchased inventories costing $49,000; the Company paid $29,000 in cash and giving a one-year, 9% note for the balance; accrual of interest expense. On August 1, The Company received $6,000 cash for legal services to be performed evenly throughout the six months period (starting on August 1); and the Company started rendering the legal services on August 1. On November 1, The Company paid $5,400 in cash for one year of the rent in advance. Prepare the journal entries to record the above transactions on May 1, August 1, and November 1 in box 2018 May 1 Prepare the adjusting entries at 31 December 2018 related to the above transactions in box . Assume straight-line amortization method is applied. Prepare the journal entries to record the payment of the note on the maturity date in box Indicate the manner in which the above transactions should be reflected in the Current Liabilities section of The Company's Statement of Financial Position at 31 December 2018 in box 10 points QUESTION 26 rted the following information in its Balance Sheet on December 31, 2018