Transactions during $2020$ follow:

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.$

Earned $$215,000$ in revenues for $2020,$ including $$52,000$ on credit and the rest in cash.

Sold $4,000$ additional shares of capital stock for cash at $$1$ market value per share on January $1,2020.$

Incurred $$89,000$ in wages expense and $$25,000$ in miscellaneous expenses for $2020,$ with $$20,000$ on credit and the rest paid in cash.

Collected accounts receivable, $$34,000.$

Purchased other assets, $$15,000$ cash.

Purchased supplies on account for future use, $$27,000.$

Paid accounts payable, $$26,000.$

Signed a three$-$year $$33,000$ service contract to start February $1,2021.$

Declared cash dividends on December $1,$ $$25,000,$ which were paid by December $31.[$Hint: Prepare two entries.$]$

Data for adjusting entries:

Supplies counted on December $31,2020,$ $$18,000.$

Depreciation for the year on the equipment, $$10,000.$

Interest accrued on notes payable $($to be computed$).$

Wages earned by employees since the December $24$ payroll but not yet paid, $$16,000.$

Income tax expense, $$11,000,$ payable in $2021.$