Vpem Pipeline Inc. operates on a calendar-year basis. At the end of December 2020, the company had the following current liabilities on its books:

Accounts payable		$87,700
Wages payable		22,800
Rent payable		60,600
Dividend payable		13,600
Unearned revenue		102,000

In January, the following events occurred:

1.		Vpems pipeline is located on leased land. The rent payable at the end of December represented the payments that should have been made at the beginning of November and December. In January, Vpem paid the past rent owed, as well as the rent for January and February.
2.		Vpem charges customers a tariff fee in advance for the use of the pipeline based on an estimate of expected use. By the end of January, the company had earned $23,500 of the service revenue that had been received in advance from customers.
3.		Vpem declared a dividend in December of which $6,100 was paid on January 31. The balance will be paid in February.
4.		Vpem purchased flowmeters to measure the flow of gas in its pipelines on account at a cost of $265,000. On January 27, 2021, Vpem paid $9,700 in cash to have the new flowmeters installed and calibrated to Vpems requirements.
5.		Vpems employees are paid a total of $5,700 per day. Four work days elapsed between the last payday and the end of the fiscal year. (Ignore deductions for income tax, CPP, and EI.) The four days were paid on January 5.
6.		The company carries spare parts in inventory, and in January it purchased $75,000 in spare parts on account and made payments of $120,000 to suppliers.

Prepare the journal entries to record the January transactions and adjustments. (Ignore the amounts that the company pays for its share of CPP and EI.) (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

No.	Account and explanation	Debit	Credit
1.
2.
3.
4.
5.
6.
	(To record purchase)
	(To record payment)

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List of Accounts

Prepare the current liability section of Vpems statement of financial position on January 31, 2021.

Current Liabilities:
		$
		$