Required Information [The following Information applies to the questions displayed below.] Brothers Harry and Herman Hausyerday began operations of thelr machine shop ( H \& H Tool, Incorporated) on January 1 , 2020. The annual reporting perlod ends December 31. The trlal balance on January 1, 2021, follows (the amounts are rounded to thousands of dollars to simplify): Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $13 cash on March 1 using a short-term note. b. Purchased land on March 2 for future bullding site; pald cash, $7. c. Issued additional shares of common stock on April 3 for $31. d. Purchased software on July 4,$12 cash. e. Purchased supplies on account on October 5 for future use, $17. f. Pald accounts payable on November 6,$14. g. Signed a $30 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $176 on December 8 , Including $48 on credit and $128 collected in cash. I. Recognized salarles and wages expense on December 9,$93 paid in cash. J. Collected accounts recelvable on December 10,$32. Data for adjusting journal entrles as of December 31 : k. Unrecorded amortization for the year on software, $8. I. Supplies counted on December 31, 2021, \$11. m. Depreclation for the year on the equipment, $7. n. Interest of $2 to accrue on notes payable. o. Salarles and wages earned but not yet pald or recorded, $11. p. Income tax for the year was $9. It will be paid in 2022. H \& H TOOL, INCORPORATED Income Statement (in thousands) H \& H TOOL, INCORPORATED Statement of Retained Earnings (in thousands) Balance, January 1, 2021 Balance, December 31, 2021