The following list summarizes the transaction that took place during a start-up's first year of operations. Using the information below, prepare a list of appropriate journal entries, including any necessary adjusting entries.

Transactions and information for the year: a. Jan ist, issued 500 shares of common stock ($0.50 par value) for $5000. b. Feb 1st, paid $2500 to purchase land. C. Feb 28th, issued 100 shares of preferred stock ($100 par value) for $20,000. d. June 30th, paid $75,000 for a building (estimated useful life of 40 years; salvage value = $5,000) by signing a 5 year Note Payable, promising to pay 5% interest at the end of each of those 5 years (i.e. on June 30th of each year). e. July 1st, purchased 400 units of inventory at $15 each. $1,000 was paid in cash, the rest was on account. f. July 30th, sold 120 units of inventory for $63 each on account. g. Aug 2nd, incurred $450 of wages expense. h. Aug 5th, collected $2500 of accounts receivable. i. Aug 31st, paid $200 of wages payable. j. Sept 4th, paid $1600 of accounts payable. k. Dec 31st, incurred and paid $2,000 of utilities expense. 1. Dec 31st, Purchased a patent for $20,000. The patent has a 20-year useful life and no residual value. m. Estimated tax rate is 35%