Answer question 2.

Iron Man Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2022, the following were the account balances of Iron Man Corporation: Cash Accounts Receivable Inventory (750 units) Van Furniture & Fixtures Debits 75750 30000 142500 67500 22500 Credits 4500 60000 7500 18750 30000 217500 338250 Allowance for Doubtful Accounts Accumulated Depreciation (Van) Accumulated Depreciation (Furniture & Fixtures Accounts Payable Common Shares Retained Earnings Total Credits 3 0 1 Total Debits 338250 2 13 14 15 16 17 18 19 20 21 22 23 24 25 26 During May 2022, the following transactions took place May 1: Bought 300 desktop printers for $225 each on account May 1. Bought a van, paying $15000 tash as a down payment and signed a 7 month $22500, 6% note payable for the balance. The company paid $1200 to have its company logo painted on the side of the van. The residual value is $11250. The old van was sold for $15000, it cost $67500 and acculumated depreciation up to the date of disposal was $60000 May 10: Sold 180 printers to Okoye Inc. on account May 12 Rand Enterprises agreed to sign a 60-day note receivable to replace a S1500 accounts receivable due that day. The interest rate on the note is 15% May 20: Sold 8 printers to Captain Marvel Inc using a VISA card to pay for the transaction. A 3% service fee is charged by VISA May 22. Sold 127.5 printers to Carol Danvers Public School on account. May 24 Returned for credit 9 damaged printers from Okoye Inc., costing $360 each May 28: Received payment in full from Okoye Inc. for tha balance owing May 28: Wrote off as uncollectable $6000 of accounts receivable May 29: Paid accounts payable, $19500 May 20: Sold 8 printers to Captain Marvel Inc. using a VISA card to pay for the transaction. A 3% service fee is charged by VISA May 22. Sold 127.5 printers to Carol Danvers Public School on account. May 24: Retured for credit 9 damaged printers from Okoye Inc., costing $360 each. May 28: Received payment in full from Okoye Inc. for tha balance owing. May 28: Wrote off as uncollectable $6000 of accounts receivable. May 29: Paid accounts payable, $19500. May 30: Recovered an accounts receivable that was written off in April, $900. May 31: Paid operating expenses totalling $68250. May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 9 years. The furniture & fixtures are depreciated using the straight-line method over 9 years. There is no residual value on the furniture and fixtures. May 31: Recorded interest on the note payable.. May 31: Recorded interest on the notes receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: Number of Days Outstanding 0-30 days 31-60 days 61-90 days 90+ days Accounts Receivable $40500 $13500 $6375 S1425 Estinated Percentage Uncollectable 3% 7.5% 15% 30% Other Information: 1) The selling price for each of the printers is $675. 2) Iron Man Corporation uses the FIFO method under the perpetual inventory system to account for inventory 3) In the past, Iron Man Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale Interest Expense, Interest Payable, Interest Receivable, Interest Revenue. Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Retums, Sales Revenue. Not all accounts have been used each period. Required: accounts given in the question 2) Prepare an adjusted trial balance as at May 31, 2022. Place your answer under "Requirement 2" in the "Answer tab. Place your account titles in column H. debits in column I and credits in column J. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question 3) Prepare the multi-step Income Statement for the month of May 2022. Ignore income taxes. Place your answer under "Requirement 3' in