Sunland Company started business on January 1, 2024. Some of the events that occurred in its first year of operations follow:

Transactions
1.	Equipment that cost $194,000 was purchased on February 1 for $56,600 cash plus a two-year, 4% note with a principal amount of $137,400.
2.	During the year, inventory costing $181,120 was purchased, all on account.
3.	An insurance policy was purchased on March 31 for $3,060. The insurance policy was for one year of coverage that began on April 1, 2024.
4.	Sales to customers totalled $322,620. Of these, $73,580 were cash sales.
5.	Payments to suppliers for inventory that had been purchased earlier totalled $90,560.
6.	Collections from customers on account during the year totalled $203,760.
7.	On January 30, customers paid $13,740 in advance payments for goods that will be delivered later.
8.	Wages totalling $54,960 were paid to employees during the year.
9.	The board of directors declared dividends of $9,160 in December 2024, to be paid in January 2025.
Adjusting items
10.	A physical count at year end revealed $36,640 of unsold inventory still on hand.
11.	It was determined that 30% of the goods that were paid for in advance (in item 7) had been delivered to the customers by the end of the year.
12.	Recorded the insurance expense for the year.
13.	The equipment that was purchased (in item 1) on February 1, 2024, is to be depreciated using the straight-line method, with an estimated useful life of 20 years and an estimated residual value of $50,000.
14.	Recorded the interest expense on the note payable for the year.
15.	In addition to the wages that were paid during the year, wages of $5,496 remained unpaid at the end of the year.

Prepare journal entries for each of the above transactions and adjusting items. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)