The following accounting equation shows the beginning balances for Morro Bay Eni accounts at January 1, 20x4. The following transactions occurred for the company 1 Issued common stock $300 to investors 2 Purchased $8,300 of inventory on account from suppliers 3 Paid the wages accrued in the year. 4 Prepaid the current year and the next year's insurance, $6,300 5 Sales revenue during the period were $88,200 of which $12,600 was received in cash and the balance was charged on account by customers. 6 The cost of the inventory sold in 5. above was $15,300 7' Paid $6,400 wages during the current period to employees. 8 Paid some of the bills owed to the accounts payable suppliers $12,200 9 Paid off the notes payable and the interest payable from the prior year 10 Declared and paid $1,400 dividends to shareholders 11 Paid rent for the current period of $5,?00 12 Paid other operating expenses for the current period of $4,600 13 Paid the IRS the income tax accrued in the prior year. 14 Purchased $14,300 of inventory on account from suppliers 15 Borrowed $25,000 from First Bank and signed a 1 year note at 8% annual interest r 16 Borrowed $23,000 from bond investors on bond contracts at year end. No interest it due since the funds were borrowed at the end of the year. 1? Received $3,060 cash from accounts receivable customers paying their bills. Year end Adjustments: a Accrued $5,200 of wages at year end. b Half of the prepaid insurance has expired. c Record depreciation on the equipment bought the prior year. It has a 5 year life with d Accrue 3 months of interest on the notes payable principal of $25,000. e Accrue income tax at 30% on the income before income tax