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The following entries have already been pos have already been posted and are included in the trial balance. 1. On January 1, an er January 1, an entrepreneur created the Omega corporation and porn shares of its $1 par common stock for $40.000, and 1,000 par common stock for $40,000, and 1,000 shares of $100 par, 6% preferred stock. preneur created the Omega corporation and purchased 40.000 2. Later in the day two other investors purchase shares. Investor 82 purchases 2.000 shares for $2.000 and investor #3 purchases 3,000 shares for $3.000. 3. The investors (and, at present, the sole owners) of Omega Corporation appoint three prominent businesspersons to the company's Board of Directors. The board will meet once every quarter to review operations and set overall policy for the company, but it will not be involved in the day to day operations. The company's founder is appointed CEO of the corporation. The board appoints a clerk-secretary 4. On February 1, Omega hires an Office Manager and two warehouse personnel. The warehouse personnel will each earn $12.00 per hour and the manager will earn $17,00 per hour. All employees will work an eight-hour day. 5. On July 1, An investor supplies 2 acres of land in exchange for stock. The land has Ibeen appraised at $7,000 and the investor receives 7,000 shares of stock in exchange. 16. On August 1 Investor #2 sells 500 shares of Omega stock to a younger sister for $500. 7 On August 1, Omega purchases 300 transhydrogrontifiers on account from Psychokentics, Inc. for $100 each. 6. On August 7, Omega sells 150 transhude account for $300 each, n tifiers to Grontifiers International or 9. On August 8, Omega pays Psychokinetics in full. etics in full. 10. On August 15. Omega pays bi-weekly payroll of $42.000 11. On August 16, Grontifiers International pays their outstanding balance in full 12. On June 30 of this year, Omega decided to sell of its unprofitable optical imaging division. The division operates out of its own manufacturing facility and management team. The cash flows for the division are easily determinable and the move clearly represents a stratetgic shift in the operations of the company. 13. Note Receivable ($20,000; 10%) was issued on July 1. Principle and Interest are due June 30 next year. 14. On July 1, Omega issues 10,000 shares common stock ($1 par) at $20/share. Beginning balance was 52,000 shares. 15. On July 1, Omega borrowed $30,000 from ReallyBigBank. The terms state an interest rate of 9%, with interest due each year and principal due in two years on June 30, 16. On December 1, the Omega declares a dividend for all preferred stockholders, and for common stockholders in the amount of $0.50/share. 17. on December 1. purchased 1.000 shares of Cyclotron Inc. for $127 share. 18. On December 1, Omega concludes the sale of its optical imaging division to Zirbit Industries for $120,000. Liabilities for the division were $20,000. The book value of the identifiable assets is $130,000 (their fair value is $140,000). As of the sale date, the Division's identifiable revenues were $70,000 and expenses were $100,000. Tax rate is 30% 19. In a separate transaction, on December 1, Zirbit Industries contracts to rent one of the bulidings adjacent to the Optical Imaging division they just purchased. They agreed to a two-year contract for $48,000, paid in advance. 20. Insurance was paid December 1 for 1 year at a cost of $24,000. 21. On December 31, Omega repurchases 1,000 shares of its stock at $15 / share. 122. On December 31 of this year Omega purchased Equipment in exchange for a $10,000, three-year non-interest bearing note. Notes of similar risk and term yield 10%