3 Agriculture company for natural production was established in December,2019, buy purchased 000 milking cows for $2,200,000. The unrealized gain or losses was debited for 200,000 for cows nd the inventory milk harvested at 31/12/2019 was 1000 Liters at 3$ each, the following are economic events incurred during January 2020: /1/2020 the company purchased harvest milk machine by paid $31,190 cash and 5 payments for 56000 every six month and beginning today (use 6%). (useful life 8 years with $ 6000 salvage value). _/1/2020 sold all milk inventory at 3.5$ for each liter. 1/1/2020 AC. Co. purchased 500 milking cows for $500,000. 2/1/2020 signed two years contract non-canceled to cut the trees from the land as timber for S 300,000 2/1/2020 1800 Liters of milk was harvested; each one Liter of milk has 25 $ selling price. 03/1/2020 sold the milk for 4.25$ each L. 10/1/2020 purchased 1000-tons fodder 3/15, n/30 for $8,000. 15/1/2020 5000 Liters of milk was harvested, each one Liter milk has 2$ SHIP 16/1/2020 sold half of the milk harvested for $6250 at account. 18/1/2020 sold all the milk inventory for $5000 at account. 19/1/2020 paid half of amount due for purchased fodder. 26/1/2020 paid the reminder balance for purchased fodder. 31/1/2020 the contract to cut timber decreased $200,00 in price. 31/1/2020 the cow's growth internally to 3500 cows and valued $1050 each at fair market. 31/12/2020 2000 liters of milk was harvested for 2$ each. 31/1/2020 the balance for doubtful account was debit $2500, the aging of account receivables indicated that account uncollectible $12500 31/1/2020. 31/12/2020 purchased 500-tons fodder 3/10, n/30 for $5,000, F.O.B shipping point from south and the appropriate party paid $200 freight and will reached in 1/2/2020. Required: 1) Journalize the economic events and the adjusted entries if the company used perpetual inventory system and net discount method 2) Prepare multiple step income statement for January 2020 if inventory of fodder was 500 tons without in transit, the company paid 2500 wages, 300 electricity, 200 water, rent for two years 2400 and incurred but not paid for month $250 heat. 3) The income should be taxable at 5%