journalize the transaction for current year.

You are also given the following information that summarizes the business activity for the current year,2021 a. Issued 10,000 additional shares of common stock for $60,000 cash on January 1st. b. Borrowed $25,000 on March 1, 2021, from Downtown Bank as a long-term loan. The interest rate on the loanis 4%and Interest for the year is payable on January 1, 2022. C. Paid $12,000 cash on April 1 to lease a building for one year. d. Received $6,000 on May 1 from a tenant for one year's rent. e. Paid $4,200 on June 1 for a one-year insurance policy. 1. Purchased $3,500 of supplies for cash on June 15th. g. Purchased inventory for $125,000 on account on July 1. h. August 1, sold inventory for $185,000 on account; cost of the merchandise sold was $120,000. I. Collected $145,000 cash from customers' accounts receivableon August 20th. J. September 1, Paid $95,000 cash for inventories purchased earlier during the year. k. September 20" paid $34,000 for sales reps' salaries, including $1,000 owed at the beginning of 2020. I. Dividends for $9,500 were paid on October 20th. m. The income taxes payable for the year of 2020 were paid on November 15th. For adjustingentries, all prepaid expenses are initially recorded as assets, and all unearned revenues are initially recorded as liabilities (this is justinformational). o. At year-end, $1,050 worth of supplies are on hand. P. At year-end, an additional $9,500 of sales salaries are owed, but have not yet been paid. 4. Prepare an adjusting entry to recognize the taxes owed for 2021. The corporate tax rate is 21% of the income before income taxes. n