Precision Camera Services started the year with total assets of

$ $130$ comma $000$$$130,000$

and total liabilities of

$ $55$ comma $000$$$55,000.$

The revenues and the expenses for the year amounted to

$ $150$ comma $000$$$150,000$

and

$ $50$ comma $000$$$50,000,$

respectively. During the$$ year, the company did not receive any additional$$ capital, but the owner did withdraw

$ $45$ comma $000$$$45,000.$

What is the amount of equity at the end of the$$ year?

$ $120$ comma $000$$$120,000$

on December $1$ in exchange for a

oneminus$$year

loan at

$88\%$

with interest and note to be paid one year later. Assuming the company uses the accrual$$ basis, what would be the adjusting entry on December$31?$