ACC 122 Final Exam During January, the second month of operations, the following transactions were completed by ABC Corporation: Jan 1 ABC Corporation issues a $1,000,000, 6%, five-year bond that pays semiannual interest of $30,000 ($1,000,000 6% ), receiving cash of $936,420. Journalize the entry to record the issuance of the bonds. Jan 1 ABC Corporation acquired 35% of the outstanding stock of XYZ Company for 800,000.This was a strategic purchase so ABC Corporation would have influence in their supply chain. Jan 3 ABC sold $60,000 of merchandise on account to Best Company, 2/10, n/30, FOB shipping point.The cost of merchandise sold was $20,000.ABC uses the net method to account for sales. Jan 6 Purchased merchandise inventory from Grace Company for $105,000, terms n/eom, FOB destination. Jan 8 Paid adverting costs of $2,000 to promote new business. Jan 10 ABC Corporation purchased a delivery truck by issuing a 30-day, 6% note with a face amount of $60,000. Jan 13 ABC receives payment from Best Company within the discount period. Jan 15 XYZ Company declared and paid dividends of $20,000 to its shareholders. Jan 16 ABC sold $55,000 of merchandise on account to Great Company, n/eom, FOB shipping point.The cost of merchandise sold was $15,000.ABC uses the net method to account for sales. Jan 20 Paid $1200 for utilities. Jan 25 ABC's Board of Directors declared a $42,000 cash dividend. Jan 27 Sold 100 shares of treasury stock for $18 per share. Jan 30 ABC Corporation received $50,000 on the Jan 16 sale.The remaining $5,000 was written off. Jan 31 For the month ended January 31, XYZ Company earned income of $44,000. Jan 31 The amount of cash in the the petty cash fund is $13.Issued a check to replinish the fund to its original $100 based on the following petty cash receipts:Office Supplies $32 and Misc items, $55. At the end of January, the following adjustment data were assembled. a After a physical count of inventory, it was determined that $238,700 of inventory exists at January 31. b Based on an analysis of A/R, ABC Company anticipates 3% of A/R to be uncollectible. c Buildings were purchased on Dec 1 of the prior year and are depreciated using the straight line method with no salvage value for 30 years.Round to the nearest dollar.ABC Corporation uses the mid-month convention for to calculate depreciation on all fixed assets (round to the nearest month). d Store Fixtures were purchased on Dec 1 of the prior year and are depreciated using the straight-line method with no salvage value for 5 years.Round to the nearest dollar.ABC Corporation uses the mid-month convention for to calculate depreciation on all fixed assets (round to the nearest month). e Delivery Truck is depreciated using the straight-line method with no salvage value.The estimated life of the truck is 6 years.Round to the nearest dollar.ABC Corporation uses the mid-month convention for to calculate depreciation on all fixed assets (round to the nearest month). f Amortize the discount on bond payable using the straight-line method. g Journalize accrued interest on note payable at the end of January. h Counted office supplies and supplies on hand is $350. Directions: 1 Journalize the routine transactions above on the Journal-January tab. 2 Use the Unadjusted Trial Balance and adjusting information provided aboveto journalize the 8 adjusting entries on the Journal - January tab (below the routine entries). 3 Use the Adjusted Trial Balance provided to prepare financial statments for ABC Corporation for the month of January.You are only responsible for preparing the Income Statement, Statement of Retained Earnings, and classified Balance Sheet. These should be completed on the Financial Statements tab. You should complete your final project in this Excel workbook using the following tabs: Journal-January and Financial Statements.You may use another spreadsheet program as long as Excel can open the file. i need help with the adjusting entrys