Please solve this, exactly like its posted. Please no abbreviations and incomplete answers, with as much explanation as possible. THANK YOU

Problem 3-28 Cost Flows; T-Accounts; Income Statement ILO3-1, LO3-2, LO3-5, LO3-6, LO3-71 Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, the beginning of its fiscal year, are given below: Supreme Videos, Inc Balance Sheet January 1 Assets Current assets: Cash $78,000 Accounts receivable 117,000 Inventories: Raw materials (film, costumes) $45,000 23,000 96,000 164,000 Videos in process Finished videos awaiting sale 12,000 Prepaid insurance 371,000 Total current assets Studio and equipment 760,000 225,000 535,000 Less accumulated depreciation $906,000 Total assets Liabilities and Stockholders' Equity Accounts payable $117,000 $504,000 Capital stock Retained earnings 285,000 789,000 $906,000 Total liabilities and stockholders' equity