The company uses perpetual FIFO inventory. Straight line for Equipment, Double Declining Balance for Furniture. The Company only prepares adjusting entries and financial yearend. Explanations are not required for journal entries Prepare the JOURNAL ENTRIES for the furniture and equipment a) Issue stock for $980,000 and start service and distribution company. b) Pay in advance one year's rent of $24, 400. c) Receive service revenue of $23, 400 cash for work performed. d) Received $46, 800 for services to be performed evenly over the next 12 months from Deposits Inc. e) Purchase 65 units of inventory for $185 each from Ever Last Company on account. f) Sold 43 units of inventory for $1, 110 each. Frost Company paid half in cash and half on account g) Purchased shares of Giant Company Stock for $588,000 to be used as a short-term investment h) Sold 12 units of inventory for $1, 110 each on account to Homer Company i) Purchased 47 units of inventory for $222 each on account from Indio Company. j) Sold 48 units for $1, 110 each on account to Jasper Company. k) Paid Ever Last Company for inventory in item, above. l) Purchase supplies for $529 cash. m) Received payment of $8, 800 from Jasper Company. n) Received $11, 100 from Homer Company. o) Bad debt expense is estimated based on 11% of revenue on account for the year to date. p) Paid salaries of $22, 900 for first half of the year. q) Purchase furniture for $39,000, paying 7, 800 cash and sign a $31, 200 installment note due in 3 payments of 1/3^rd of the principle plus accrued interest The payments are made on 10/1 of this year and 1/1 and 5/1 next year. The note has an annual 6% interest rate. The furniture will last 5 years before it is sold for $ 1, 950. r) Purchased equipment using proceeds from a $12,000 installment note payable with 4 annual payments beginning 8/1 of next year of 1/4^th of the principle plus accrued interest and annual interest rate of 8%. Also, $1, 200 of equipment delivery cost is paid in cash. The equipment will last 15 years before it is sold for $600. s) Paid principle plus interest Payment due on Note Payable from furniture purchase. t) Determined that Homer Company would never pay the remaining amount owed. u) Received utility bill from Wi Energy for this year's energy use of $2, 529 which will be paid in January of next year. v) Prepare depression adjusting entry for both furniture and equipment (Since the assets were not purchased until January 1, remember this won't be a foil year depression) Remember to prepare and include a depreciation schedule for both Assets. w) Prepare depreciate adjusting entry x) Prepare an expense adjusting entry for $22, 900 which is owed for work performed in the second half of the year. This amount will be paid in January next year. y) Prepare interest expense adjusting." for both notes payable. z) Supplies on handares370 prepare the required adjusting entry. aa) Prepare entry for revenue earned related work performed for Deposit Inc. bb) Giant Company stock is currently selling for $529, 200. Prepare the necessary journal entry. cc) Paid a dividend equal to five percent of cash collected from customers to shareholders