Reinced Inc. is incorporated on January 1, 2014, January 1: Three owners contributes to $20,000 each, in exchange for stocks in the business January 2: A building is purchased for $50,000 in cash. An appraisal performed on this date indicates that the land is worth $15,000, and the remaining balance of the purchase price is attributable to the house. The owners estimate that the house will have an estimated useful life of 25 years and an estimated salvage value of $5.000. January 3: A two-year, 12%, 530,000 promissory note was signed at Second State Bank. Interest and principal will be repaid on the maturity date of January 3, 2016. January 4: New furniture for the inn is purchased at a cost of $15,000 in cash. The furniture has an estimated useful life of ten years and no salvage value January 5: A 24-month property insurance policy is purchased for $6,000 in cash. January 6: An advertisement for the inn is placed in the local newspaper, Reinoed Inc.pays S450 cash for the ad, which will run in the paper throughout January Financial Accounting - Impact on Decision Making January 7: Cleaning supplics are purchased on account for $950. The bill is payable within 30 days. January 15: Wages of $4,230 for the first half of the month are paid in cash. January 16: A guest mails the business S980 in cash as a deposit for a room to be rented for two weeks. The guest plans to stay at the inn during the last week of January and the first week of February January 31: Cash receipts from rentals of rooms for the month amount to $8,300. January 31: Cash receipts from operation of the restaurant for the month amount to S6,600. January 31: Each stockholder is paid $200 in cash dividends. $. Questions: 1) Set up T-accounts of the mentioned transactions above. 2) Prepare the General Journal 3) Prepare the nadjusted Trial Balance. Part II The following are adjustments to take into consideration: a. Depreciation of the house, b. Depreciation of the furniture, c. Interest on the promissory note, d. Recognition of the expired portion of the insurance e Recognition of the earned portion of the guest's deposit f. Wages eamed during the second half of January amount to $5,120 and will be paid on February 3, 2. Cleaning supplies on hand on January 31"amount to $230, h. A gas and electric bill that is received from the city amounts to $740 and is payable by February 5 i. Income taxes are to be accrued at a rate of 30% of income before taxes, Questions: 4) Set up T-accounts of the adjustments above 5) Add following adjustments to the General Joumal. Note: Add a new updated General Journal. Do not edit the previous one!! 6) Prepare the Adjusted Trial Balance 7) Prepare Income Statement, for the month ended January 31, 2014