Based on the business events below please prepare a (a) journal entry worksheet, (2) post the journal entries to each respective general ledger account and (3) prepare a basic balance sheet, income statement for the year ended December 31, 2018. Extra credit for the preparation of a statement of cash flows.

1. On January 1, John, Paul and Mark form a partnership (JPM) and each contributes $10M so that each will be a one third owner JPM.
2. On January 5, JPM purchases land for $20M.
3. On February 1, JPM hires a contractor to build a commercial office building for $40M.
4. On February 15, JPM receives a construction loan from Fast Bank for $30M. The term is for 12 months at 5%.
5. On March 1, JPM draws down $10M of the construction loan and pays the contractor.
6. On April 1, JPM draws down $10M of the construction loan and pays the contractor.
7. On April 1, JPM pays the bank for 1 month of interest.