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[The following information applies to the questions displayed below.] Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from kayaking. rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2025 . All watches are sold for $860 each. Jaly 17 Purchased 104 watehes for $15,600 ( $150 per wateh) on account. July 31 Sold 76 vatches for $65,360 cash. August 12 Purchased 76 watchen for $12,160 (\$160 per wateh) cash. August 22 Sold 66 vatches for $56,760 on aceount. September 19 Paid for watches purchased on July 17. September 27 Receive cash of $34,056 for watches dold on account on August 22. 0etober 27 Purchased 170 watches for $27,540 (\$162 per watch) cash. Hovember 20 sold 146 watehes for $125,560 cash. December 4 Purchased 136 watches for $23,392 (\$172 per wateh) on account. December 8 Sold 76 watches for $65,360 on aceount. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31 , the estimated net realizable value of MU watches is only $100 per watch. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 14). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on December 31,2025 , in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31,2025. 4. Prepare an income statement for the period ended December 31, 2025, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31,2025 in the 'Balance Sheet' tab