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The following transactions for calendar year 2021 occurred for ABC Company. ABC uses perpetual inventory. Income tax rate is 25%. (A) Prepare T-Accounts or journal entries to record the transactions. (B) Record all required year end entries and Compute Net Income. (C) Prepare a classified Balance Sheet as of 12/31/2021. (D) Prepare a multi-step Income Statement for 2021. (E) Prepare a statement of Cash Flows for 2021. Use either the direct or indirect method. 1. Opening balances were as follow: Cash- $70,000, Accounts Receivable- $80,000, Inventory$30,000, Property, Plant \& Equipment- $500,000, Accumulated Depreciation- $300,000, Accounts Payable- $40,000, Common Stock- $90,000, Retained Earnings $250,000. 2. Paid insurance on 1/1/2021 of $40,000 for two years. 3. Purchased equipment for $200,000 paid $100,000 down and signed a two-year, 6% note for the balance. Equipment was acquired on 7/1/2021. 4. Purchased $650,000 of inventory on account. 5. Made Sales on account of $900,000 and cash sales of $400,000 for the year. Cost of Sales was $600,000. 6. Paid General expense salaries of $180,000, Restructuring costs of $40,000, and Selling expenses of $25,000. 7. Paid $550,000 for the inventory purchased in Item 4. 8. Depreciation expense on equipment was $25,000 for the year. 9. Salaries earned in 2021 but not paid until 2022 amounts to $8000. 10. Purchased a short-term equity investment for $50,000 on November 1, 2021. 11. Paid Dividends of $90,000 on December 1, 2021. 12. Paid $100,000 to purchase a business component. The purchase is recorded as goodwill. No amortization is required to be recorded. 13. Sold the business component purchased in 12 for $70,000. The component had sales of $50,000 cost of sales of $30,000 and Salaries of $10,000. These amounts are included in 5 above. 14. Collected $730,000 on the sales made in Item 5 . 15. Issued a purchase order to a vendor for $35,000 of inventory. The following transactions for calendar year 2021 occurred for ABC Company. ABC uses perpetual inventory. Income tax rate is 25%. (A) Prepare T-Accounts or journal entries to record the transactions. (B) Record all required year end entries and Compute Net Income. (C) Prepare a classified Balance Sheet as of 12/31/2021. (D) Prepare a multi-step Income Statement for 2021. (E) Prepare a statement of Cash Flows for 2021. Use either the direct or indirect method. 1. Opening balances were as follow: Cash- $70,000, Accounts Receivable- $80,000, Inventory$30,000, Property, Plant \& Equipment- $500,000, Accumulated Depreciation- $300,000, Accounts Payable- $40,000, Common Stock- $90,000, Retained Earnings $250,000. 2. Paid insurance on 1/1/2021 of $40,000 for two years. 3. Purchased equipment for $200,000 paid $100,000 down and signed a two-year, 6% note for the balance. Equipment was acquired on 7/1/2021. 4. Purchased $650,000 of inventory on account. 5. Made Sales on account of $900,000 and cash sales of $400,000 for the year. Cost of Sales was $600,000. 6. Paid General expense salaries of $180,000, Restructuring costs of $40,000, and Selling expenses of $25,000. 7. Paid $550,000 for the inventory purchased in Item 4. 8. Depreciation expense on equipment was $25,000 for the year. 9. Salaries earned in 2021 but not paid until 2022 amounts to $8000. 10. Purchased a short-term equity investment for $50,000 on November 1, 2021. 11. Paid Dividends of $90,000 on December 1, 2021. 12. Paid $100,000 to purchase a business component. The purchase is recorded as goodwill. No amortization is required to be recorded. 13. Sold the business component purchased in 12 for $70,000. The component had sales of $50,000 cost of sales of $30,000 and Salaries of $10,000. These amounts are included in 5 above. 14. Collected $730,000 on the sales made in Item 5 . 15. Issued a purchase order to a vendor for $35,000 of inventory