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create all finance statements. please show corresponding for each journal. The Smith brothers are setting up a corporation to make holiday cookies in large batches

image text in transcribed create all finance statements. please show corresponding for each journal.
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The Smith brothers are setting up a corporation to make holiday cookies in large batches that they hope to sell to large companies. They began business in December 2018, and had the following transactions: 12/1/18 - Issued common stock for $4,000 12/1/18 - Borrowed $20,000 from bank. The bank wants repayment of $26,000 at the end of 5 years. 12/1/18 Purchased land for $10,000. 12/1/18 - Purchased equipment for $12,000. We expect that the equipment will last for 10 years and will have no value at that time. 12/9/18 - Purchased cookie batter for $8,000 on account. 12/10/18 - Sold 2 of cookies for $18,000 in cash. 12/16/18 - Paid employee $2,000. 12/18/18 - Sold remaining cookies for $16,000 on account. 12/18/18 - Sold of land for $4,500. 12/28/18 - Paid account payable. 12/30/18 - Received $10,000 payment on account. Use this information to prepare a balance sheet, income statement, and statement of retained earnings for this corporation. Remember to start by setting up the financial statements and then go through each transaction, showing the impact on the statements. After you have gone through the transactions once, go back through each one to see if there are any adjustments that need to be made before you prepare the financial statements

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