The following events occurred during the first half of the year. Book the entries necessary for the corresponding transactions that have occurred.

January $22$: Issued $$75,000$ of $6\%$ term bonds due on January $1,2025(10$ periods$)$ with interest payable each June $30$ and December $31.$ Investors require an effective interest rate of $8\%.$ Record the entries for issuance of the bond.

February $28$: A new long$-$term lease is entered into for extra storage space for the new product line of ink cartridges. The net present value of the future lease payments is $$120,400.$ The lease is for two years at $$5,000$ per month beginning March $1.$

March $6$: A long$-$term note for $$60,000$ was taken out from the bank. The loan is for two years with an interest rate of $6\%$ repayable at maturity.

April $22$: New equipment was purchased to make printers for $$55,000.$ Use straight line depreciation assuming a $4-$year life, with no residual value. Use full year$$s depreciation for the first year.

April $17$: $200$ shares of common stock with a $$1$ par value were sold for $$20$ per share.

May $5$: Paid cash dividends to stockholders of $$22,500.$

June $22$: Purchased $50$ shares of the company$$s stock at $$25$ per share.

June $30$: Book the depreciation for the first half of the year on the printer equipment purchased April $22.$

June $30$: Book the interest for the first half of the year on the loan you took out on March $6.$

June $30$: Book the interest payment and amortization on discount for bond.

June $30$: Paid the rent expense for the first half of the year in cash.

June $30$: Book the service revenue of $$100,000$ for the first half of the year paid in cash.

Revenue

Service Revenue

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ExpensesCorrect all milestone journal entries and milestone ledger accounts from Project One Milestone using the Corrected Journal Entries and Corrected Ledger Accounts tabs$.$

Highlight the corrected errors in green.

Complete the Income Statement, Balance Sheet, Statement of Retained Earnings, Cash Flow Worksheet, Statement of Cash Flows, and Ratios tabs in the same workbook based on the Corrected Journal Entries and Corrected Ledger Accounts tabs$.$