a. Prepare journal entries as well as the adjusting Journal entries for the transaction listed

b. Prepare an adjusted trial balance at Dec 31,2019 from adjusted trial balance at Dec 31,2018 with journal entires ( do not use T-accounts to determine ending balances)

c. Prepare financials as follows:

i. Income statement for year 2019

ii. Comparative balance sheets as of Dec 31, 2018 and 2019 (no need to prepare retained earnings statement. It should be included as part of the balance sheet equity section)

iii. Cash flow statement for the year of 2019

ACE#11 Hawkeye Corporations balance sheet at December 31, 018, is presened belou HAWKEYE CORPORATION Balance Sheet December 31, 2018 Cash Accounts receivable Allowance for doubtful $24,600 Accounts payable S 25,600 80,000 127,400 $233,000 45,500 Common stock ($10 par) Retained earnings accounts Supplies Land Buildings Accumulated depreciation- (1,500) 4,400 40,000 142,000 buildings (22,000) $233,000 During 2019, the following transactions occurred 1 On January 1 , 2019, Hawkeye issued 1,200 shares of $40 par, 7% preferred stock for S49200 2. On January 1, 2019, Hawkeye also issued 900 shares of the $10 par value common stock for $21,000 3. Hawkeye performed services for $320,000 on account. 4. On April 1, 2019, Hawkeye collected fees of $36,000 in advance for services to be performed from April 1, 2019, to March 31, 2020. 5. Hawkeye collected $276,000 from customers on account. 6. Hawkeye bought $35,100 of supplies on account. 7. Hawkeye paid $32,200 on accounts payable. 8. Hawkeye reacquired 400 shares of its common stock on June 1, 2019, for $28 per share. 9. Paid other operating expenses of $188.200 10. On December 31, 2019, Hawkeye declared the annual preferred stock dividend and a $1.20 per y 15, 2020 share dividend on the outstanding common stock, all payable on J off as uncollectible. n account receivable of $1,700 which originated in 2018 is written 1. A count of supplies indicates that $5,900 of supplies remain unused at 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $3,500 at year end 4. Depreciation is recorded on the building on a straight-line basis based on a 30 Adjustment data: 30-year life and a salvage Hint: Prepare the income statement up to income before in come value of $10,000. e is 30%. ( 5. The inco me tax ra taxes and multiply by 30% to compute the amount.)