U 1 Pepe and to 2-3. 02 On January 1, 20X1. Frances Corporation started doing business and the owners tributed 200.000 capital in cash The company paid $24,000 to cover the tent for the office space for the 24-month period from January , 2011 December 31, 2012 con March 1, 20X1, MSK Inc entered into a consulting contract under which France Corporation promised to provide consulting to MSK Inc. In MSK promised to pay a fine of $150,000, which was to be paid in January 2012. Francesfulfilled its contractual obligation during 20X1. 4. On July 1, 20X1. Frances purchased effice equipment for 100.000 cash. The equip ments an estimated me offline years and stage value. The ques immediately pinced into w. Frances uses the straight line method of depreciation It records depreciation expense in proportion to the number of mother Through November 30, 31, the cowy had puid, is emples Il months of salaries Accrued salaries on December 1, were 56.000 On December 31. 01. Norbert Corporation danced 3.000 Frees Corporation for consulting services to be provided during 2002 Required 1. Provide journal entries for each of these tractions 2. Provide adjusting entries at the end of the year Prepare an income statement for the year ended December 20L por income taas 4. Prepare a balance sheet of December , II Comments The contract on March to podmiento contractioning hos Hapered as of March 1, exchange of promises Everything remains to be und The pical scoring response ras been to all sometingene, saj do the work Once we are the work by December 31, 2014 would record Accounts Receivable $150.000 Revenue $150.000 Also, here are some check for the financial statements Net Income is $56.000 Total Assets are 5282.000 Total libre 526.000 Shareholders Equity 525.000 0 11 C