During December 2023, Ford Motor Company engaged in the following transactions:

1. Issued shares for $300,000 cash.
2. Purchased machinery for $100,000, paying $60,000 in cash and the rest on credit.
3. Made sales on account totaling $150,000 (cost of goods sold: $90,000).
4. Collected $110,000 from customers.
5. Paid $30,000 in salaries.
6. Paid $15,000 for utilities and other expenses.
7. Paid $20,000 towards the machinery purchased on credit.
8. Recorded depreciation of $7,000 for the month.

Requirements:

1. Journalize the transactions.
2. Post to the ledger accounts.
3. Prepare a trial balance as of December 31, 2023.
4. Prepare an income statement for the month ended December 31, 2023.
5. Prepare a balance sheet as of December 31, 2023.