$024$ Transactions

$1.$ On October $28,2024,$ ABC Inc. was incorporated to begin operating a new retail business.

$2.$ On November $3,2024,$ investors contributed $$50,000$ cash to the corporation in exchange for $5,000$ shares.

$3.$ A building was purchased for $$28,000$ on December $14,2024,$ for use beginning in $2025.$ It is expected to have a $20-$year life with

$$5,000$ salvage.

$4.$ Equipment costing $$6,000$ was purchased December $16,2024,$ for use beginning in $2025.$ It is expected to last $5$ years with $$1,000$

salvage value.

$5.$ On December $31,2024,$ the firm arranged to borrow $$10,000$ from the bank by issuing a $7\%$ note, due December $31,2026.$ The

market rate for similar notes is also $7\%.$

Required

$1.$ Write journal entries for each of the above transactions and adjusting entries, if any, for the fiscal year end.

$2.$ Prepare an adjusted trial balance

$3.$ Prepare the basic financial statements for the Balance Sheet, Income Statement and Statement of Cash Flows