The unadjusted trial balance of the Manufacturing Equitable at December $31,2024,$ the end of its fiscal year, included the following

account balances. Manufacturing's $2024$ financial statements were issued on April $1,2025.$

Other information:

a$.$ The bank notes, issued August $1,2024,$ are due on July $31,2025,$ and pay interest at a rate of $12\%,$ payable at maturity.

b$.$ The mortgage note is due on March $1,2025.$ Interest at $11\%$ has been paid up to December $31($assume $11\%$ is a realistic rate$).$

Manufacturing intended at December $31,2024,$ to refinance the note on its due date with a new $10-$year mortgage note. In fact,

on March $1,$ Manufacturing paid $$260,000$ in cash on the principal balance and refinanced the remaining $$970,000.$

c$.$ Included in the accounts receivable balance at December $31,2024,$ were two subsidiary accounts that had been overpaid and

had credit balances totaling $$21,650.$ The accounts were of two major customers who were expected to order more

merchandise from Manufacturing and apply the overpayments to those future purchases.

d$.$ On November $1,2024,$ Manufacturing rented a portion of its factory to a tenant for $$37,200$ per year, payable in advance. The

payment for the $12$ months ended October $31,2025,$ was received as required and was credited to deferred revenue.

Required:

Prepare any necessary adjusting journal entries at December $31,2024,$ pertaining to each item of other information $($a$-$d$).$

Prepare the current and long$-$term liability sections of the December $31,2024,$ balance sheet.

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Prepare the current and long$-$term liability sections of the December $31,2024,$ balance sheet.