ACR11-1 Hawkeye Corporation's balance sheet at December 31, 2018, is presented below. HAWKEYE CORPORATION Balance Sheet December 31, 2018 24,600 Accounts payable 45,500 Coon stock ($10 par) Cash Allowance for doubtful Supplies Buildings $25,600 80,000 127,400 $233,000 Retained earnings (1,500) 4,400 40,000 142,000 Accumulated depreciation- buildings (22,000) $233,000 During 2019, the following transactions occurred. I. On January 1 , 2019, Hawkeye issued 1,200 shares of $40 par, 7% prefemed stock for $49,200. 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 share dividend on the outstanding common stock, all payable on January 15, 2020. 11. An account receivable of S1,700 which originated in 2018 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $5,900 of supplies remain unused at year-end. 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-year life and a salvage value of $10,000. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before income taxes and multiply by 30% to compute the amount.)