1.Record the following entries in t-accounts for the first year of our company.

a. The corporation sells 10,000 shares of stock for $450,000.

b. The corporation pays $36,000 for a three-year lease.

c. The corporation purchases $3,700 of supplies for cash.

d. The corporation buys $41,000 of inventory on account.

e. The corporation buys $210,000 of equipment for $180,000 cash and $30,000 notes payable.

f. The corporation pays the vendor bill in (d).

g. The corporation buys $45,000 of inventory on account again.

h. The corporation pays the stockholders $10,000 for dividends.

i. The corporation has cash sales of $150,000 and credit sales of $20,000.The inventory cost is $70,000.

j. The corporation pays $25,000 for salaries expense.

k. The corporation pays $3,500 for utilities expense.

l. The corporation has $700 of supplies left.

m. The corporation used one year of the lease.

n. The equipment "wore out" by $30,000.

o. The corporation owes (hasn't paid yet) interest of $1,500 for the notes payable.

p. The company is in a 10% tax bracket and will pay the IRS next year. (in other words calculate the tax and post the payable)

2. Total the t-accounts and then prepare the four financial statements using excel, the T account tool or manually.

Please include a trial balance!