Comprehensive Review Problem- Year 1 The following list summarizes the transactions that took place during a start up's first year of o perations. Using the information below, prepare a list of the appropriate journal entries, including any ne cessary adjusting entries, and create a set of financial statements (i.e., balance sheet, income statement, and statement of cash flows). Once you have created the financial statements, provide the appropriate closing entries. Transactions and information for the year: Issued 500 shares of common stock for $500 b. Paid $100 to purchase land. c. Paid $75 for equipment (estimated useful life of 5 years). d. Purchased 300 units of inventory at $10 each on account. e. Sold 150 units of inventory for $16 each on account. f. Incurred $250 of wages expense. g. Collected $2100 of accounts receivable. h. Paid $225 of wages payable. i. Paid $1600 of accounts payable. j. Estimated tax rate is 35%. a