Cullen Corporation's statement of financial position at December 31, 2018 is presented below: Land CULLEN CORPORATION Statement of Financial Position December 31, 2018 $ 40.000 Share Capital - Ordinary ($1 par) 130.000 Retained Earnings (20.000) Accounts Payable 50.000 147.000 25.600 Buildings Accumulated Depreciation - Buildings Supplies Account Receivable Allowance for Doubtful Accounts Cash 4.400 45.500 (1.500) 24.600 223.000 $ $ 223.000 During 2019, the following transactions occurred: 1. On January 1, 2019, Cullen issued 1.500 $20 par, 6% preference shares for $33.000. 2. On January 1, 2019, Cullen also issued 900 $1 par value ordinary shares for $6.300. 3. Cullen performed services for $276.000 on account. 4. On April 1, 2019, Cullen collected fees of $36.000 in advance for services to be performed from April 1, 2019, to March 31, 2020. 5. Cullen collected $267.000 from customers on account. 6. Cullen bought $26.100 of supplies on account. 7. Cullen paid $32.200 on accounts payable. 8. Cullen reacquired 400 ordinary shares on June 1, 2019, for $8 per share. 9. Paid other operating expenses of $188.200. 10. On December 31, 2019, Cullen declared the annual preference share dividend and a $0.50 per share dividend on the outstanding ordinary shares, all payable on January 15, 2020. An account receivable of $1.300 which originated in 2018 is written off as uncollectible. 11. Adjustment Data: 1. A count of supplies indicates that $5.900 of supplies remain unused at year-end. 2. Recorded revenue recognized from item 4 above. 3. The allowance for doubtful accounts should have a balance of $3.500 at year-end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a residual value of $10.000. 5. The income tax rate is 30%. (Prepare the income statement up to income before taxes and multiply by 30% to compute the amount). Instructions: 1. Prepare journal entries for the transactions listed above and adjusting entries. 2. Prepare an adjusted trial balance at December 31, 2019. 3. Prepare an income statement and a retained earnings statement for the year ending December 31, 2019, and a classified statement of financial position as of December 31. 2019