1. Prepare journal entries for the transactions and adjustments listed above.

2. Prepare an updated December 31st trial balance, reflecting the journal entries in question 1.

3. Prepare a multiple-step income statement for the year ending December 31st.

4. Prepare a retained earnings statement for the year ending December 31st.

5. Prepare a classified balance sheet as of December 31st.

Blossom Corporation's trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below. Dividends Payable 0 Unearned Rent Revenue Bonds Payable (10\%) 6,400 Preferred Stock (\$20 par) 0 Paid-in Capital in Excess of Par-Preferred Stock 0 Common Stock (\$10 par) 24,000 Paid-in Capital in Excess of Par-Common Stock 4,800 Retained Earnings 60,040 Treasury Stock 0 Cash Dividends 0 Sales Revenue 456,000 Rent Revenue 0 Bad Debt Expense 0 Bad Debt Expense 0 Interest Expense 0 Cost of Goods Sold 320,000 Depreciation Expense 0 Other Operating Expenses 31,200 Salaries and Wages Expense Total \begin{aligned}\( \frac{52,000}{} & \\ & \$ 642,560 \\ \)\hline \hline \end{aligned} Unrecorded transactions and adjustments: 1. On January 1,2022 , Blossom issued 800 shares of $20 par, 6% preferred stock for $17,600. 2. On January 1,2022 , Blossom also issued 800 shares of common stock for $18,400. 3. Blossom reacquired 240 shares of its common stock on July 1,2022 , for $49 per share. 4. On December 31, 2022, Blossom declared the annual cash dividend on the preferred stock and a $1.50 per share dividend on the outstanding common stock, all payable on January 15,2023. 5. Blossom estimates that uncollectible accounts receivable at year-end are $4,080. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,000. 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,200. 8. The unearned rent was collected on October 1, 2022. It was receipt of 4 months' rent in advance (October 1,2022 through January 31, 2023). 9. The 10% bonds payable pay interest every January 1 . The interest for the 12 months ended December 31,2022 , has not been paid or recorded