Selected transactions recorded by the Handler Company are presented below. Describe the event that took place that resulted in the journal entry provided. Be certain to give a complete description of the underlying event, including the dollar amounts involved. Handler Company's fiscal year ends on December 31. An example is provided below.

Example

Jan. 4	Cash	$24,000
	Common stock		$24,000
Answer:
Issued common stock and received cash of $24,000

Events to describe

Jan. 6	Prepaid advertising	$2,000
	Cash		$2,000
Feb. 28	Impairment loss	$30,000
	Plant asset		$30,000
Sept. 24	Notes payable	$4,000
	Cash		$4,000
Dec. 1	Dividends	$15,000
	Dividends payable		$15,000
Dec. 31	Interest expense	$2,000
	Interest payable		$2,000
Dec. 31	Advertising expense	$1,200
	Prepaid advertising		$1,200