BUSINESS Accounting The company had 50000 shares outstanding at the beginning of the year,

PLEASE COMPLETE JOURNAL ENTRIES FOR THE FOLLOWING EVENTS:The company had 50000 shares outstanding at the beginning of the year, issued 5000 shares on July 1, 2014 and another 950 shares on September 15, 2014.The company sold land that cost $2000.The company has not recorded the following adjusting journal entries at the end of the year:1. Wages are paid to employees at the rate of $11,000.00 a day during the company’s annual refurbishing between Christmas and New Years. Wages are paid every Friday evening for weekly activity; no one everworks Saturday, Sunday or holidays. Pretend New Year’s Day in 2014 was on Tuesday.2. In early December, the bookkeeper recorded an entry to the prepaid insurance account which included $1200 of plant insurance for the month of December.3. Also in early December, the bookkeeper recorded rent expense of $290 which related to prepaid rents for January, 2014.4. The bookkeeper records all purchases as inventory and adjusts her inventory account for sales at the end of the month. This has not yet occurred in December. Inventory is recorded on a last-in first-outmethodology. The information necessary to record any inventory adjustment is as follows:UnitsUnitsUnit CostTotal Cost· Beginning Inventory6000$2.00$12,000· Purchases3000$6.00$18,000(Note, there are other costs included in cost of goods sold besides inventory)· Sales850$950,0005. The bookkeeper records depreciation annually. Depreciation is calculated on a double declining balance. All assets were purchased on New Year’s Day of 2012 at 5:00 AM. The residual value of the equipment is$2565.56. (There is sufficient information here to determine the life of the property.)6. After deep consideration, management has determined that it needs to establish a reserve for bad debts equal to four percent of accounts receivable at year end.7. The bookkeeper neglected to record the amortization of the patent which was purchased on January 1, 2013 for $50,000 and will expire after ten years.8. The the interest payable in cash on the bond payable of $10,000 was not recorded on the books.9. The income tax rate for 2014 only is 5%.