4. Assuming AG is in the second year of operations in 2021, AG had beginning balance sheet account balances of: Cash $1,000,000;A/R$100,000; Allowance for doubtful accounts $10,000 (credit balance); Common stock $400,000; APIC $600,000; and retained earnings of $90,000. Assume all other accounts have zero balances. AG purchased inventory on credit throughout the year: On 2/1 - 10,000 units at $30 /unit; On 6/110,000 units at $20 /unit; On 12/120,000 units at $25 /unit. AG uses FIFO perpetual method and incorporates lower of cost or market in determining ending inventory. Assume the Market Value (NRV) of ending inventory is $65,000. AG made the following sales on credit: On 2/25, AG sold 6,000 units for $60 /unit. On 8/20, AG sold 12,000 units for $75/ unit. On 12/15, AG sold 18,000 units for $90 /unit. On 12/20 AG received a deposit of $100,000 for 1,000 units of inventory that will be delivered in January of NEXT year. AG collected $390,000 in total cash for the first sale this year and for last year's sales. AG collected $90,000 for prior-year's sales and $300,000 from this year's 2/25 sales. The amount not collected from prior year has an uncollectible rate of 50%. The uncollected amount from 2/25 has an uncollectible estimated rate of 20%. In December, AG collected $2,020,000 from the later in the year sales. (after 2/1) Any amount related to these sales that remains uncollected is estimated to be 1% uncollectible. On April 1, AG purchased equipment for $300,000, paying $100,000 in cash and financing the rest through a long-term note that charges 10% interest until paid. Alsn in April - AG purchased $25,000 of supplies with cash. By year-end, AG had depreciation expense of $30,000, paid cash for rent (expense) of $50,000. AG invested $20,000 in a certificate of deposit (CD Account). 10% matures in February of next year and the remainder matures in July. AG received $1,000 in dividends (in cash) and paid $50,000 in dividends (cash) to the owners of AG. AG paid $553,000 towards it's A/P. Accrue income tax at a rate of 21%. At year-end $5,000 of supplies remained, Please prepare journal entries (including closing), Income Statement and Balance Sheet based on the above information only