Create a balance sheet $,$ statement of owner equity $,$ income statement and trial balance based off the followinf information NC Global Phones was recently formed in early $2024.$ The company will sell slighthly older used cell phones that are in perfect working condition $.$ Whiles these older phones quickly lose their value in the US the owner believes there is niche market for these phones in select overseas markets. In early $2024$ as part of the initial year start up $,$ in addition to the owner contribution, several purchases of inventory and property $,$ plant and equipment $("$ PPE" $)$ were made, and some key expenses were 'prepaid' up front $($ rent, supplies, insurance$).$ The company has negotiated with several suppliers to purchase inventory $.$ The inventory system is the perpetual inventory system. In terms of inventory costing, the owner has elected to use the LIFO method in order to minimize federal income taxes. The owner has contracted with a small group of customers $($ accounts or resellers$)$ that will purchase the cell phones and then sell the phones at retail to the public. There is a small team of employees that will begin working on January $2,2024.$Date Transaction Details$1-$Jan Owner makes capital contribution of cash $100,000$; $($$$80,000$ is deposited in cash operating account and $$20,000$ in cash interest bearing account$)1-$Jan Prepaid $4$ year insurance policy premium of $ $11,500$ total ; coverage effective Jan $1,2024,$ expires Dec $31,20271-$Jan Purchased inventory : $100$ units @ $5$ each $1-$Jan Bought a new truck for $$15,000$ with financing provided by local bank. The terms of the bank loan are: $10\%$ interest rate, balance due in $36$ months $.$ The salvage value of the truck after $3$ years is estimated to be $$3,000\mathrm{.}1-$Jan Prepaid warehouse rent for lease starting January $1,2024$ to December $31,2025($ $$2,400$ total paid $)2-$Jan Purchased office furniture & equipment for office $($ $$12,000$ cost; salvage value $$2,000$; useful life of $7$ years $)2-$Jan Spent $$2,000$ on improvements to leased property such as workstations, coffee room partition, etc. Owner estimates that these improvements will last two years$\mathrm{.}10-$Jan Purchased inventory on account : $200$ units @ $7$ each $1-$Feb Bought supplies on account $($ total purchase $1,000)2-$Feb Purchase inventory on account $\text{'}$: $200$ units @ $8$ each $20-$Feb Sold $50$ units for $$125$ each to Client A in LatinAmerica on account $($ terms $2/10,$n$30)15-$Mar Sold $,$ on account, $75$ units for $$150$ each to Client B in Asia Pacific $($ terms $2/10,$n$30)1-$Apr Processed and paid $1$st Quarter $2024$ payroll $($ $$2,000)4-$Apr Per bank statement, earned $ $40$ on interest bearing cash accout$7-$Apr Established a petty cash of $ $10028-$Apr Purchased $500$ units @ $9$ on account$15-$May Paid advertising expenses of $ $30028-$May Received $ $100$ interest from interest bearing cash bank account$10-$Jun Paid $5,000$ owed to vendor $($ for previous inventory purchase$)2-$Jul Processed and paid $2$nd Quarter $2024$ payroll $($ $$2,000)12-$Jul Per bank statement, earned $ $65$ on interest bearing cash accout$10-$Jul Received partial payment from Client B of $$5,0003-$Oct Processed and paid $3$rd Quarter $2024$ payroll $($ $$2,000)13-$Oct Per bank statement, earned $ $50$ on interest bearing cash accout$6-$Nov Paid advertising expenses of $ $3001-$Dec Review of petty cash fund indicates that $$95$ pertains exclusively to meals provided to employees when they work late $\mathrm{.}5-$Dec Per Client B$,$due to the political and financial instability in Asia Pacific it's been difficult to transfer money out. Owner writes off $$1,000$ of AR balance from Client B$.12-$Dec Sold $450$ units @ $200$ to Client C on account $($ term $2/10,$n$30)20-$Dec Based on this year's activity in Petty Cash Fund, $0$wner decides to increase the fund amount to $$125\mathrm{.}31-$Dec Owner decides a larger truck is needed. The truck is sold for $$18,000$ and the bank note is paid off with the proceeds$20-$Dec Received cash payment for portion of receivable balance $($ $$12,00)$ from Client C for sale made on Dec $12\mathrm{.}31-$Dec Owner withdrew $$10,000$ Additional pertinent information Supplies on hand at the end of the year was $$200$ Company processes payrol every quarter and pays employees in the days following quarter end. Sometimes there is a lag in payment but employees are always paid within one week after quarter end Company has elected to use straight line depreciation $($ and amortization $)$ for Property, Plant and Equipment $($ PPE $)$ Company estimates bad debt expense based on receivable balance at year end. It estimates that $50\%$ of any receivable aged more than $90$ days is deemed uncollectible Company generally offers discounts for cash payments within $10$ days of sale. Other than the initial owner contribution of $$100,000$ no additional contributions made during the year.