Western Sound Studios records and masters audio tapes of popular artists in live concerts. The performers use the tapes to prepare "live" albums, CDs, and MP3s. The following account balances were available at the beginning of 2019: Accounts Payable $ 11,900 Accounts Receivable 384,000 Cash Common Stock 16,300 165,000 1,000 11,200 Insurance Payable 100,000 Interest Payable Notes Payable (Long-term) Rent Payable (Building) Retained Earnings, 12/31/2018 10,000 101,200 During 2019, the following transactions occurred (the events described below are aggregations of many individual events): a. Taping services in the amount of $994,000 were billed. b. The accounts receivable at the beginning of the year were collected. c. In addition, cash for $983,000 of the services billed in Transaction a was collected. d. The rent payable for the building was paid. In addition, $48,000 of building rental costs was paid in cash. There was no rent payable or prepaid rent at year-end. e. The insurance payable on January 1 was paid. In addition, $4,000 of insurance costs was paid in cash. There was no insurance payable or prepaid insurance at year-end. f. Utilities expense of $56,000 was incurred and paid in 2019. g. Salaries expense for the year was $702,000. All $702,000 was paid in 2019. h. The interest payable at January 1 was paid. During the year, an additional $11,000 of interest was paid. At year-end no interest was payable. 1. Income taxes for 2019 in the amount of $19,700 were incurred and paid. Required: 1. Scroll down to the T-accounts. The account title for each has been provided. Using the data provided, enter the applicable beginning balances. 2. Analyze each transaction. Journalize as appropriate. For compound transactions, if an amount box does not require an entry, leave it blank.(Note: Ignore the date since these events are aggregations of individual events.)