Answer the following questions:

Company Mano Limited ("The Company") is a cellphone wholesaler and was founded on January 1st, 2020. The following is The Company's trial balance as December 31st, 2020 (the opening balance of January 1st, 2021 ): Common share 100,000 Long term loan (a) 50,000 Inventory 25,000 PP&E Accounts receivables Cash and cash equivalents Retained earnings Accounts payable 20,000 Deferred revenue (b) 25,000 Net income 2020 ? (a) The long-term loan above has an annual interest of 8% to be paid back on December 31 st of each year. (b) The deferred revenue is a prepayment the company received for services it is to provide entirely during 2021. During 2021 The Company entered the following transactions: 509?\" 1. Jan 1st - The Company issues another 10,000 shares for $1 each. 2. 3. Jan 20"1 The company invested in a bond of XXX, for an amount of $5,000, Jan 10\"1 The Company purchases computers for $30,000 on credit. with the strategy of holding it as \"available for sale", at the end of the year, the fair value of the bonds were $7,000. February 1at The Company purchases accounting services for 12 months (starting February 1\") for $10,000 paid in advance. . July 1th The Company decides to re-pay half of the long-term loan (the transaction will affect interest rate paid). . Aug 15'l The Company purchases Machinery for $20,000 in cash, the Machinery is ducted for depreciation purposes for 5 years. Aug 5th The Company pays back $8,000 in its account payables. Sep 10th The Company collects $10,000 of its customers' owned money. Dec 20th The Company sells and delivers $50,000 worth of inventory to a customer for $80,000 in cash. 10. Dec 31at The Company pays its marketing agency an amount of $6,000 for marketing expenses (paid in cash). 11. Dec 31\"t The Company paid its tax liability for the year 2021. If not mentioned otherwise, the transaction is in cash. Leave out depreciation for the opening balance of the PP&E. The Company's tax rate is 23%. Reguirement b. Find the net income for the year 2020, and the retained earnings for the year 2020. Record the 2021 transactions (and the end of period needed adjustments) using journal entrieslthe accounting equation. It is recommended that you check yourself using the balance sheet equation Assets = Liabilities + Equity It is recommenced that you prepare T accounts to follow the change in each account and arrive at its balance for the end of the year especially in this case where openings balance exists. Prepare a Balance Sheet dated December 31, 2021, and the Income Statement for the year ending December 31, 2021. In the Income Statement please show gross prot, operating prot, income before tax and net incomefprot