Timberline Lodge (Homework) The accounting records of Timberline Lodge are maintained on the basis of a fiscal year ending April 30. The facts listed below are to be used for making adjusting entries at April 30, 2020. Required: Prepare the adjusting entries needed by Timberline Lodge on April 30, 2020. (a) A bank loan in the amount of $200,000 was obtained on April 1, 2020, by issuing a 15% note payable due in three months. No interest has been paid or recorded. (b) A portion of the land owned by Timberline had been leased on April 16, 2020, to a service state operator at a yearly rental of $12,000. One year's rent was collected in advance at the date of the lease and credited to Unearned Rental Revenue. The lease runs from April 16, 2020 through April 15, 2021. A bus to carry guests to and from the airport had been rented beginning early on April 19 from Truck Rentals, Inc., at a daily rate of $60. No rental payment has yet been made although the bus has been used for 12 days in April. (c) (d) A one-year fire insurance policy was purchased by Timberline on April 1, 2020. The premium of $18,000 for the life of the policy was paid in full on April 1 and recorded as Unexpired Insurance. No entry has yet been made for the one-month period of coverage that has expired. Equipment was acquired some years ago at a cost of $36,000. Depreciation for the year ending April 30, 2020, is based on an assumed useful life of 6 years. (e) Check figures (key amounts): (a) (b) $2,500 $500 $720 $1,500 $6,000 (d) (e)