Using the scenario provided complete the following in the same Project One Workbook Template you used for Project One Milestone Use the Chart of Accounts tab in the workbook for account names Note You may choose to complete an assignment using a desktop program instead of SNHUs virtual desktop VDI however technical support will not be provided by SNHU if you select this option Project One Workbook Correct all milestone journal entries and milestone ledger accounts from Project One Milestone using the Corrected Journal Entries and Corrected Ledger Accounts tabs Highlight the corrected errors in green Complete the Income Statement Balance Sheet Statement of Retained Earnings Cash Flow Worksheet Statement of Cash Flows and Ratios tabs in the same workbook based on the Corrected Journal Entries and Corrected Ledger Accounts tabs Upload the completed Project One Workbook Template for submission Note If you received a perfect score on the Project One Milestone and do not need to correct any errors simply note it in the designated section within the Corrected Journal Entries tab You will receive full points for that specific criterion for this assignment Project One Analysis Paper Complete an analysis of the information contained in the completed Project One Workbook Template including your revisions It will need to be formatted in APA style specific formatting can be found in the What to Submit section It will need to address all of the rubric criteria listed below for the Project One analysis paper Specifically you must address the following rubric criteria Project One Workbook Correct all errors from the Milestone Journal Entries and Milestone Ledger Accounts tabs and enter the correct information on the Corrected Journal Entries and Corrected Ledger Accounts tab of the workbook Highlight corrections in green Prepare the Income Statement Balance Sheet and Statement of Retained Earnings tabs accurately and completely in the workbook Prepare the Cash Flow Worksheet tab accurately and completely in the workbook Prepare the Statement of Cash Flows tab accurately and completely in the workbook Identify data variances in long term liabilities equity and cash flows on the Ratios tab Project One Analysis Paper Explain the importance of the company having longterm debt on its balance sheet Include the following details in your response Explain the characteristics of notes payable and bonds payable Explain how longterm debt impacts the financial statements Explain the alternative accounting methods for situations relating to longterm liabilities and equity Include the following details in your response Why would a bond sell at a different price than the face amount What are the two methods of amortizing premium and discount Explain the importance of the company having equity on its balance sheet Consider the following questions to guide your response How do companies obtain common stock Describe the purpose and structure of additional paidin capital How do dividends paid or dividends payable impact the equity and income statement Explain the importance of cash flow in the overall financial health of the organization Explain how cash flow data connects to the income statement and balance sheet components If you need writing support access the Academic Support module of your course What to Submit To complete this project you must submit the following Project One Workbook Template Submit the Project One Workbook Template with the following tabs completed Milestone Journal Entries Corrected Journal Entries Milestone Ledger Accounts Corrected Ledger Accounts Income Statement Balance Sheet Statement of Retained Earnings Cash Flow Worksheet Statement of Cash Flows and Ratios The Income Statement Balance Sheet Statement of Retained Earnings Cash Flow Worksheet Statement of Cash Flows and Ratios tabs should be based on the Corrected Journal Entries and Corrected Ledger Accounts tabs ACC 318 Project One Appendix The following events occurred during the first half of the yearBook the entries necessary for the corresponding transactions that have occurred January 22 Issued 75000 of 6 term bonds due on January 1 2025 10 periods with interest payable each June 30 and December 31 Investors require an effective interest rate of 8 Record the entries for issuance of the bond February 28 A new longterm lease is entered into for extra storage space for the new product line of ink cartridges The net present value of the future lease payments is 120400 The lease is for two years at 5000 per month beginning March 1 March 6 A longterm note for 60000 was taken out from the bank The loan is for two years with an interest rate of 6 repayable at maturity April 22 New equipment was purchased to make printers for 55000 Use straight line depreciation assuming a 4year life with no residual value Use full years depreciation for the first year April 17 200 shares of common stock with a 1 pa