[The following Information applies to the questions displayed below.] Brothers Herm and Steve Hargenrater began operations of their tool and die shop (H & H Tool) on January 1, 1987, In Meadville, PA. The annual reporting period ends December 31. Assume that the trial balance on January 1, 2023, was as follows: H & H Tool Trial Balance on January 1, 2023 (dollars in millions, except par value) Cash Debit 10 Credit Accounts receivable 9 Supplies Land 24 Equipment Accumulated depreciation (on equipment) Other assets (not detailed to simplify) Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-term notes payable Common stock (10 million shares, $0.50 par value) Additional paid-in capital Retained earnings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) 91 16 5 93 31 Totals: 139 139 Transactions during 2023 follow. All dollars are in millions, except per share amounts: a. Borrowed $15 cash on a 5-year, 8 percent note payable, dated March 1, 2023. b. Sold 6 additional shares of common stock for cash at $1 market value per share on January 1, 2023. c. Purchased land for a future building site: paid cash. $16. d. Earned $285 in revenues for 2023, Including $62 on credit and the rest in cash. e. Incurred $102 In wages expense and $38 in miscellaneous expenses for 2023, with $33 on credit and the rest paid in cash. f. Collected accounts receivable, $37. g. Purchased other noncurrent assets. $24 cash. h. Purchased supplies on account for future use, $36. 1. Paid accounts payable. $35. JDeclared cash dividends on December 1, $34. k. Signed a three-year $42 service contract to start February 1, 2024 L Paid the dividends in () on December 31. Data for adjusting entries (amounts in millions): m. Supplies counted on December 31, 2023, $27. n. Depreciation for the year on the equipment. $12 o. Interest accrued on notes payable (to be computed) p. Wages earned by employees since the December 24 payroll but not yet paid, $14. g. Income tax expense. $11, payable in 2024