Chris's Beamer Biz, Inc., Year 1 - 20X 1 Chris opened a Beamer business on January 1, 20X1. The tax rate is 30 and Chris will pay 20XI taxes in 20X2. The initial financial statements for this business are presented below. Chris's Beamer Biz. Inc. Chris's Beamer Biz, Inc. Statement of Owners' Equity For the Year Ended December 31, 201 As you were reviewing the financial statements with Chris, you discovered that during 20X1. Chris decided that there was excess cash in the business and that it could be placed in higher yield opportunities. Having read about Stablecoin and its related yicld, Chris decided that Beamer Biz would purchase USDT. They plan on selling any remaining USDT within 12 months of purchase. Nane of the USDT tninsactions below were recorded, but now need to be included in the financial statemants: REQUIRED: 1. Record the following journal entries and post them to their respective t-accounts: During the year, Cliris participated in the following activities in addition to those reflected in the financial statements provided above: a) Beamer Biz, Inc, purchased S50,000 USDT at SI/USDT on July I", 20X1. b) Beamer Biz, Inc: purchased an additional \$25,000 USDT at S1/USDT on September 30th, 20X1 c) Beamer Biz, Inc. decided to sell S18,750 USDT at S1/USDT on December 31th+201 d) Interest is paid monthly at an annual rate of 12% (paid last day of each month). The interest is paid in USDT and is kept in USDT. Interest needs to be recorded on a monthly basis., c) Calculate necessary tax expense that will be paid on these holdingt as of December 31tt, 201. This tax will be paid in 202. 2. Prepare: Journal entries and T-accounts ( 15 Tcurnal entries) 3. Prepare: Updated Financial Statements for 20X1: a) Income statement b) Statement of retained earnings c) Balance sheet d) Prepare a letter to your client Prepare a one-page well-written business memo to Chris explaining any risks associated with their Stablecoin holdings and how their Stablecoin holdings needs to be treated from an accounting perspective (i.e, their financial statements need to be adjusted to reflect the transactions related to their Stablecoin holdings). Appendix Table A - calculation of monthly interest income and month end balances of USDT "Monthly interest is calculated by taking the Siabiccoin prior month balance and multiplying it by the imerest rate and then dividing by 12 (Quantity of Stable coin "interest rate/ 12 months)