Attached youll find a preliminary trial balance for Ahern, Inc. ending December 31, 2020

1. Please analyze the transactions for December, complete and close the T-Accounts and prepare the year-end trial balance for 2020.
2. Analyze the yearend adjustments; update the T-accounts and the final trail balance.
3. Prepare the Income Statement, Statement of Retained Earnings and Balance Sheet for 2020

December Transactions: (These are all recorded on 12/2020)

12/1. Ahern took out a note in the amount of 900,000 was taken out on December 1, 2020 for 2 years at 8.5%.

12/1. Prepaid Insurance was purchased for $12,000 for 6 months on Dec. 1.

12/2. Products in the amount of $2,100,000 were sold. 680,000 was paid in cash. The balance was paid on account, terms 3/15, n60. The cost of these goods was $920,000.

12/2. $900,000 of the above sale was shipped FOB destination for $30

per $1,000 sold.

12/7. Inventory was purchased on account for $500,000.

12/10. Payroll in the amount of $752,000 was earned in December but not recorded. Of this, only 500,000 was paid to employees.

12/13 Returns of $92,000 were returned from the cash sale on Dec.2. The cost of these goods is 58,200.

12/14 $ 20,000 of Accounts Receivable were written off,

12/15 Discounts of 3% were given to $700,000 of the Accounts Receivable collected in December

12/16. Ahern, Inc. paid the 12/7 on goods purchased on Dec. 7, terms 2/10, n 30.

12/20 Supplies were purchased on account in the amount of $8,500.

12/31 Dividends in the amount of $75000 were issued.

12/31 $10,000 of the debt written-off was collected.

Date	Transaction	Units	Cost	Total Cost	Inventory Units Sold	Price	Revenue	Cogs
12/1	Beg. Bal	1950	52	=
12/3	Purchase	1000	54
12/7	Sale	1200				105
12/9	Purchase	900	56
12/10	Sale	1300				115
12/16	Purchase	1750	58
12/17	Purchase	950	58
12/20	Purchase	1500	60
12/22	Purchase	900	62
12/28	Sale	3200				120
12/30	Sale	1000				130
	Ending Balances Total Purchases

Please calculate the following transactions and determine additional Revenue, Cost of Goods Sold, Inventory Purchases using the Fifo Method. All transactions are on Account. Populate the T-Accounts prior to completing the adjustments.