2 . Award: 50.00 points Problems? Adjust credit for all students . Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool . Inc .) on January 1, 2019 . The annual reporting period ends December 31 . The trial balance on January 1. 2020 , follows : H & H Tool, Inc. Trial Balance on January 1, 2020 Debit Credit Cash 6,000 Accounts receivable 5,000 Supplies 13,000 Land Equipment 78 000 Accumulated depreciation (on equipment ) 8,000 Other noncurrent assets (not defalled to simplify ) 7,000 Accounts payable Wages payable Interest payable payable Income taxes payable Long -term notes payable Common stock (8,000 shares . $0.50 par value ) 4,000 Additional paid -In capital 30.000 Retained earnings 17.000 Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not defalled to simpity ) Totale 109,000 109,000 Transactions during 2020 follow : 3. E Borrowed $15,000 cash on a five -year . 8 percent note payable , dated March 1, 2020 Purchased land for a future building site ; paid cash , $13,000 . c. Earned $215,000 in revenues for 2020 , including $52.000 on credit and the rest in cash d. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020 e. Incurred $80.000 in wages expense and $25,000 in miscellaneous expenses for 2020 , with $20,000 on credit and the rest paid in cash . f. Collected accounts receivable , $34,000 . 9. Purchased other assets . $15,000 cash . Purchased supplies on account for future use , $27,000 i. Paid accounts payable . $26,000 j. Signed a three -year $33,000 service contract to start February 1, 2021 k. Declared cash dividends on December 1. $25,000 , which were paid by December 31. [ Hint : Prepare two entries .] Data for adjusting entries : 1. Supplies counted on December 31 , 2020 , $18,000 m. Depreciation for the year on the equipment, $10,000 n. Interest accrued on notes payable (to be computed ). o. Wages earned by employees since the December 24 payroll but not yet paid . $16,000 p. Income tax expense. $11,000. payable in 2021. Genera General Requirement Journal Ledger Trial Balance Income statement Balance Stmt of Statement of SE Smeet Cash Flows Analysis Prepare journal entries for transactions . (If no entry is required for a transaction / event , select "No journal entry required " in the first account field .)