A COMPREHENSIVE ACCOUNTING CYCLE PROBLEM On December 1, 2021, Thomas and Julia Corrigan formed Cloughmore, LLC. They began operations using the following accounts: Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Rental Equipment Accumulated Depreciation: Rental Equipment Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Rental Fees Income Taxes Payable Capital Stock Retained Earnings Dividends Income Summary Rental Fees Earned Salaries Expense Maintenance Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense The LLC performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the LLC entered into the following transactions: Dec. 1 Dec. 1 Issued to Thomas and Julia Corrigan 1,000 shares of capital stock in exchange for a total of $200,000 cash. Purchased for $240,000 the equipment formally owned by a competitor named Maam Cross, LLP. Paid $140,000 cash and issued a one year note payable for $100,000. The note, plus all 12 months of accrued interest, are due November 30, 2022.