Blacklands, Inc. engages in the following commonstock transactions in 2020 for its $1 par value common stock. The firm earned $200 of net income during 2020, its first year of business.

• January 1Issued 200 shares to an investor for $8 per share.
• January 2Issued a ten-year, 4%, $1,000 bond at par value.
• December 1Purchased 40 of the shares sold to the investor for $10 per share, and placed them in the corporate treasury.
• December 10Issued 75 shares to another investor at $11 per share in order to secure additional financing for the firm.
• December 12Issued 30 of the treasury shares when the market price was $12 per share.
• December 15Declared a $.20 per share dividend.
• December 31Paid the dividend declared on December 15.
• December 31Paid interest on the outstanding bond.

Requirements: (Use T accounts as necessary to track account balances)

• Make a table and journalize the above transactions.
• Present the effects of the debt financing on Blacklands 2020 income statement, don't just write it out.
• Explain why the equity transactions did not affect the firm's 2020 income statement.
• Report liabilities and stockholders equity on the companys December 31, 2020 balance sheet, do not just write it out!

Looking for a more thorough solution than what is already posted to include Income Statement and Balance Sheet