Required information Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, follows: H & H Tool, Inc. Trial Balance on January 1, 2020 Debit Credit Cash 7,000 Accounts receivable 6,000 Supplies 29,000 Land Equipment 96,000 Accumulated depreciation (on equipment) 15,000 Other noncurrent assets (not detailed to simplify) 10,000 Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-term notes payable Common stock (6,000 shares, $.50 par value) Additional paid-in capital Retained earnings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Totals Transactions during 2020 follow: 3,000 98,000 32,000 148,000 148,000 a. Borrowed $15,000 cash on a 5-year, 8 percent note payable, dated March 1, 2020. b. Purchased land for a future building site; paid cash, $21,000. c. Earned $324,000 in revenues for 2020, including $67,000 on credit and the rest in cash. d. Sold 6,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020. e. Incurred $107,000 in wages expense and $43,000 in miscellaneous expenses for 2020, with $38,000 on credit and the rest paid in cash. f. Collected accounts receivable, $42,000. g. Purchased other assets, $16,000 cash. h. Purchased supplies on account for future use, $41,000. i. Paid accounts payable, $40,000. j. Signed a three-year $47,000 service contract to start February 1, 2021. k. Declared cash dividends on December 1, $22,000, which were paid by December 31. 6. Prepare the closing entry on December 31, 2020. (If no entry is required for a transaction/event, required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the December 31, 2020, closing entry. Note: Enter debits before credits. Date December 31, 2020 General Journal Debit Credit Record entry Clear entry View general journal 3. Post the journal entries for transactions (a) through (k) and adjusting entries for transactions (!) through (p) to the respective T- Accounts. Cash Accounts Receivable Beg. bal. 7,000 Beg. bal 6,000 (a) 15,000 21,000 (b) (c) 67,000 42,000 (f) (c) 257,000 112,000 (e) (d) 6.000 16,000 (g) (f) 42,000 40,000 (i) End. bal. 31,000 22,000 (k1) End. bal. 116,000 Supplies Land Beg. bal. 29,000 Beg. bal. (h) 41,000 (b) 21,000 32,000 (1) End. bal. 38,000 End. bal. 21,000 Equipment Beg. bal. 96.000 Beg. bal. End. bal. 96,000 Other Assets Beg. bal. 10,000 (g) 16,000 End. bal. 26,000 End. bal. Accumulated Depreciation 15,000 17,000 (m) 32,000 Accounts Payable Beg. bal. 0 40,000 38,000 (e) End. bal. 41,000 (h) 39,000 Income Tax Payable Dividends Payable Beg. bal. Beg. bal. 16,000 (p) (k1) 22.000 22,000 (k1) End. bal. 16,000 End. bal. 0 Wages Payable Interest Payable Beg. bal. Beg. bal. 19,000 (0) 1,000 (n) End. bal. 19.000 End. bal. 1.000 < Prev LT Notes Payable Beg. bal. Beg. bal. 15,000 (a) End. bal. 15,000 End. bal. Common Stock 3,000 6,000 (d) 9,000 Additional Paid-in Capital Retained Earnings Beg. bal. 98.000 Beg. bal. 32,000 3,000 (d) (K1) 22.000 40,000 (i) End. bal. 101,000 End. bal. 50,000 Service Revenue Beg. bal. End. bal. Depreciation Expense Beg. bal. 324,000 (c) 324,000 End. bal. Income Tax Expense Interest Expense Beg. bal. Beg. bal. End. bal. Beg. bal. End. bal. Supplies Expense 0 Beg. bal. Remaining Expenses End. bal. 0 End. bal. 0 Wages Expense Beg. bal (e) (0) End. bal. 0 0 Complete this question by entering your answers in the tabs below. Stmt of Income Statement Stockholders Balance Sheet Equity Prepare an balance sheet. (Items to be deducted must be indicated with a minus sign.) H & H TOOL, INC. Balance Sheet At December 31, 2020 Assets Current assets: Cash Accounts receivable Supplies Total current assets Property, plant and equipment: Land Equipment Accumulated depreciation Current liabilities: $ 102,000 Accounts payable 102,000 Liabilities Wages payable Interest payable Income taxes payable Total current liabilities Notes payable, long-term Total liabilities Stockholders' equity Common stock Net property, plant and equipment Property, plant and equipment 0 Additional paid-in capital Retained earnings Total stockholders' equity Other assets Total assets $ 102,000 Total liabilities and stockholders' equity < Stmt of Stockholders Equity Balance Sheet > 0 0 0 0