Received $$29,500$ cash from the issue of common stock.

Sold inventory for $$174,500$ cash that had cost $$107,500.$ Sales tax was collected at the rate of $7$ percent on the inventory sold.

Purchased inventory on account for $$140,000.$

Borrowed $$21,600$ from First State Bank on March $1,$ Year $1.$ The note had a $7$ percent interest rate and a one$-$year term to maturity.

Paid the sales tax due on $$142,500$ of sales. Sales tax on the other $$32,000$ is not due until after the end of the year.

Salaries for the year for one employee amounted to $$27,000.$ Assume the Social Security tax rate is $6$ percent and the Medicare tax rate is $1\mathrm{.}5$ percent. Federal income tax withheld was $$5,000.$

The products sold in transaction $2$ were warranted. Park estimated that the warranty cost would be $5$ percent of sales.

Paid $$12,000$ of other operating expenses during the year.

Paid the accounts payable $($see transaction $3).$

Paid $$2,600$ for warranty repairs during the year.

Paid a dividend of $$5,100$ to the shareholders.$[1]$

Adjustments:

$11.$Record the accrued interest at December $31,$ Year $1.$

$12.$Record the accrued payroll tax at December $31,$ Year $1.$ Assume no payroll taxes have been paid for the year and that the unemployment tax rate is $6\mathrm{.}0$ percent $($federal unemployment tax rate is $0\mathrm{.}60$ percent and the state unemployment tax rate is $5\mathrm{.}40$ percent on the first $$7,000$ of earnings per employee$).$

Required:

$1.)$ Prepare the journal entries for the above transactions

$2.)$ Prepare t$-$accounts for the above transactions

$3.)$ Prepare a trial balance

$4.)$ Prepare an Income statement, statement of changes in stockholder$$s equity and a balance sheet of the above transactions

Please if you can, write it down on paper by hand.