You are given the following information that summarizes the business activity for the current year, 2024: Issued 10,000 additional shares of common stock for $25,000 cash on January 1st. Borrowed $10,000 on March 1, 2018, from Downtown Bank as a long-term loan. The interest rate on the loan is 5%, and Interest for the year is payable on January 1, 2025. Paid $9,000 cash on April 1 to lease a building for one year. Received $4,800 on May 1 from a tenant for one year's rent. Paid $3,600 on June 1 for a one-year insurance policy. Purchased $2,200 of supplies for cash on June 15th. Purchased inventory for $100,000 on account on July 1. August 1, sold inventory for $170,000 on account; cost of the merchandise sold was $90,000. Collected $110,000 cash from customers' accounts receivable on August 20th. September 1: Paid $85,000 cash for inventories purchased earlier during the year. September 20th: paid $31,000 for sales reps' salaries, including $1,000 owed at the beginning of 2024. Dividends for $9,500 were paid on October 20th. The income taxes payable for the year of 2023 were paid on November 15th. For adjusting entries, all prepaid expenses are initially recorded as assets