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Camino Jet Engines, Inc. began operations in January of this year. For the year, the company had the following transactions:

Mar. 1 Camino Jet Engines, Inc. began operations in January of this year. For the year, the company had the following transactions: Transactions The company issued 100,000 shares of $10 par value common stock to L Jan. 1 Porter in exchange for three things: $150,000 in cash, a building valued at $600,000 and land valued at $500,000 Jan. 1 The company prepaid $96,000 in cash for a 24 month insurance policy. The company borrowed $160,000 on a 3-year, 4% installment note payable. The Feb. 1 terms of the note require the company to make equal payments of $57,656 each December 31 for 3 years. The company provided engine repair services to a customer and received $280,000 in cash. The company issued 3% 5-year bonds with par value of $600,000. The bonds Jul. 1 were issued at 97%. Interest payments are due twice each year on June 30 and December 31. The company paid the first interest payment on the $600,000 bond issues on Dec. 31 July 1. The company paid $57,656 for its annual installment on the installment note Dec. 31 from above. The company must calculate and record both the principal portion and the interest portion for this payment. The company declared a $100,000 dividend that is to be paid in cash on February 10 of the next year. The date of record is January 20. Note: The Dec. 31 company records dividends in a dividend account which is closed at the end of the year with all other temporary accounts. Adjustments needed: The company must record a full year of depreciation on the building. The Dec. 31 building has an estimated useful life of 30 years and no salvage value. The company depreciates buildings on a straight-line basis. Dec. 31 The company must record an adjustment for 12 months of insurance expense. Required: In the answer area below, enter the general journal entries to record the above transactions and adjustments. The preferred format of your journal entry should be as follows: Journal Entry Example Account Name Debit Amount Credit Amount

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