Current Attempt in Progress Coronado Corporation began operations on January 2. Its year end is December 31, and it adjusts its accounts annually. Selected transactions for the current year follow: 1. On February 2. purchased a $16,200, one-year insurance policy for cash. The policy came into effect on that date. 2. On March 15, Coronado sold $77.520 in annual subscriptions for cash, with service to begin on April 1. 3. Purchased a delivery drone for $114,000 on July 1. Coronado paid $27,000 in cash and signed a $87,000 bank loan for the balance. The drone is estimated to have a useful life of four years and the company uses straight-line depreciation. The bank loan has an interest rate of 5%. 4. On November 1, the company purchased six months of digital advertising at a cost of $98,100. Coronado paid $49,050 cash and the balance on account. The advertising was to commence on December 1 and run at a constant level for six consecutive months. 5. On December 1, Coronado received $10,700 from the sale of gift cards which could be redeemed for services at a future date. On December 31, it was determined that 60% of the cards had been redeemed.