Best Solutions is a retail merchandiser selling computer equipment. Best uses the gross method of accounting for inventory purchases and sales, a perpetual inventory system with LIFO inventory valuation, and the allowance method for accounting for uncollectible accounts. Depreciation is recorded annually. Best uses straight$-$line depreciation for plant assets and the half$-$month convention for depreciation. Best has three salaried employees who are paid monthly. Best offers credit terms of $2/10,$ n$/30.$ Best$$s fiscal year begins February $1$ and ends the following January $31.$ Transactions for February through December have been recorded and are reflected in the ledger balances. The transactions listed below occurred in January of the current year. No adjustments, including depreciation, have been made for the current year. Requirement $1$: Journalize the January transactions and post to the ledger. Jan $1$ Borrowed $$12,000$ at $5\%$ interest on a $9-$month note from Hamilton Bank. Principal plus interest will be repaid on October $1$ of the current year. $7$ Purchased $$5,800$ of merchandise from Kansas Corp. with terms of $1/10,$ n$/30,$ FOB shipping point, invoice dated January $7.8$ Paid shipping costs of $$100$ for the January $7$ merchandise purchase. $9$ Sold merchandise totaling $$3,000$ to Gomez Co$.$ The merchandise had a cost of $$1,800.11$ Purchased $$600$ of supplies for cash. $14$ Gomez returned $$500$ of merchandise purchased on Jan $9.$ The cost of the returned merchandise was $$300.19$ Gomez paid the amount due from the January $9$ purchase. $21$ Paid the amount due to Kansas Corp. $24$ Best sold a delivery truck for $$23,000.$ The truck had been purchased on July $1,2019$ at a cost $$42,000.$ The company initially estimated the truck to have a useful life of $5$ years and a salvage value of $$3,000.27$ Best purchased $2,000$ shares of Target stock at a price of $$70$ per share plus a brokerage fee of $$50.30$ Issued $8\%,10-$year bonds with a face value of $$40,000$ for $$45,437.$ Interest is payable semi$-$monthly on January $31$ and July $31.31$ Payroll is prepared for the month of January. Paychecks will be issued February $7.$ Annual salary information is as follows: Bryant, $$35,000$; Lennox, $$40,000$; Larkin, $$25,000.$ Each employee voluntarily contributes $3\%$ of their salary to a non$-$retirement savings plan. Bryant contributes $$25$ per paycheck to United Way. A rate of $18\%$ is used to calculate federal income tax. $($round your answers to the nearest whole dollar$).$ The ceiling for FICA SS is $$137,700$ and for SUTA$/$FUTA is $$7,000.$ Requirement $2$: Prepare adjusting journal entries using the information below. Add ledger accounts as necessary. a$)$ A physical inventory reveals a balance of $$300$ of supplies. b$)$ The company estimates that $2\%$ of net sales will be uncollectible. c$)$ Interest on the Hamilton Bank note is accrued. d$)$ Depreciation for the building purchased on February $1,2013$ is recorded. The building has an estimated salvage $($residual$)$ value of $$22,000.$ e$)$ After preparing the income statement, accrue income tax payable and close net income to retained earnings Requirement $3$: Prepare an adjusted trial balance. Requirement $4$: Prepare a multistep income statement and classified balance sheet. Requirement $5$: Answer the following questions in the space provided below. $1)$ What is the estimated life of the building? $2)$ When the bonds mature, what amount of cash will be necessary to repay the bonds? PLEASE COMPLETE REQUIREMENT E$,$ #$3,$ #$4,$ and #$5$ Thank you