1. Apple Inc. issues common stock worth $20,000,000.
2. Apple Inc. purchases inventory on credit for $5,000,000.
3. Apple Inc. sells products for $12,000,000 in cash.
4. Apple Inc. pays $3,000,000 for research and development expenses.
5. Apple Inc. pays salaries of $2,500,000.
6. Apple Inc. receives $1,000,000 in cash for services rendered.
7. Apple Inc. buys office equipment for $2,000,000 cash.
8. Apple Inc. incurs a $500,000 utilities expense.
9. Apple Inc. declares and pays dividends of $1,200,000.
10. Apple Inc. records depreciation of $700,000 on equipment.

1. Record those transactions in a journal.
2. Prepare a trial balance.
3. Prepare an income statement for the year ended.
4. Prepare a balance sheet for the year ended.