MM Inc. had the following account balances as at December $31,2022$:

Cash $$16,500$; Accounts Receivable $$10,000$; Prepaid Rent $$6,000$; Desks & Chairs $$20,000$; Desks &

Chairs Accumulated Depreciation $$3,000$; MacBooks $$12,000$; MacBooks Accumulated Depreciation

$$3,000$; Accounts Payable $$1,250$; Wages Payable $$3,500$; Deferred Revenue $$35,000$; Common Shares

$$50,000$; Revenue $$60,000$; Rent Expense $$18,000$; Utilities Expense $$1,750$; Salaries Expense $$63,000$;

Depreciation Expense $$6,000$; Supplies Expense $$1,500$ & Advertising Expense $$1,000.$

Following is the information that pertains to January $2023$ to March $2023$:

$1.$ MM Inc$$s fiscal year runs from April $1$st to March $31$st

$.$

$2.$ $$3,500$ in wages payable at December $31$st were paid on January $5$th

$.$

$3.$ Salaries expense is $$7,000$ per month. January and February salaries were fully paid before

March $31,2023.$ March$$s full amount i$.$e$.,$ $$7,000$ will be paid on April $5$th

$.$

$4.$ $$1,250$ in accounts payable as of Dec $31$st was paid on January $5$th

$.$

$5.$ January and February total utility bill was $$600$ and was paid on March $5$th$.$ March utility bill

which was received on April $2$nd is $$300$ and has not been paid yet.

$6.$ $$10,000$ in AR balance on Dec $31$st was owed from a customer for which work was completed in

December. As at March $31$st$,2023,$ $$2,000$ is still owed from that customer.

$7.$ Annual rent is $$24,000$ and rent for April $1,2022,$ to March $31,2023,$ was paid upfront.

$8.$ Desks & Chairs were purchased on cash on April $1,2022,$ for $$20,000$ and have a useful life of $5-$

years with no residual value.

$9.$ MacBooks were also purchased on cash on April $1,2022,$ for $$12,000$ and have a useful life of $3-$

years and then they will become obsolete.

$10.$ Deferred revenue of $$35,000$ as of Dec $31$st was for work to be done from January $2023$ to

February $2023.$ That work has been completed as of March $31,2023.$

$11.$ Company hired outside legal counsel on January $1$st to review some of the contracts that it was

entering. As at March $31,2023$ no amount had yet been paid to the legal counsel. However, the

legal counsel$$s charge rate is $$150$ per hour and as at March $31$st$,$ they had spent $30$ hours

reviewing different contracts and providing their advice to MM Inc.

$12.$ On January $4$th$,$ MM Inc. purchased $$2,000$ worth of supplies on cash. A supplies count on March

$31$st revealed only $$500$ worth of supplies were on hand.

$13.$ Bank loaned $$50,000$ to MM Inc. on February $1$st$,2023$ at annual rate of $7\%.$ Loan is to be paid

back in full on January $31,2026.$

$14.$ On February $1$st$,$ company purchased a car on cash. It cost MM Inc. $$25,000$ and the useful life of

car is $5-$years

$15.$ On March $1$st$,2023,$ MM Inc. paid $$12,000$ in cash to purchase general insurance for one$-$year. It

will expire on February $29,2024.$

$16.$ From January $1$st to March $31$st$,$ MM Inc. earned an additional $$30,000$ in sales from various

other contracts. All work is complete and full services have been delivered as at March $31$st

$.$

$$25,000$ has been collected but $$5,000$ remain outstanding as at March $31$st$.$

$17.$ On March $21$st$,$ MM Inc. entered into a contract with a municipality in Okanagan region to

deliver a software solution over the course of next year i$.$e$.,$ from April $1$st$,2023,$ to March $31,$

$2024.$ Contract value is $$120,000$ and the municipality transferred $$60,000$ into MM Inc. account

on March $30$th$,2023.$ Amount showed up in MM Inc$$s account the same day.

$18.$ On March $31$st$,$ MM Inc. paid $$5,000$ in dividends.

Required:

a$)$ Provide all necessary journal entries covering period January $1$st to March $31$st

$.$

b$)$ Prepare a Statement of Operations for the year$-$ended March $31,2023.$

c$)$ Prepare a Statement of Retained Earnings for the year$-$ended March $31,2023.$

d$)$ Prepare a Statement of Financial Position as at March $31,2023.$