During the Year 2019: The company begins operations on January 1, 2019. The company is started by issuing 300,000 shares of common stock for $30,000,000 ($1 Par value stock) The company immediately purchases $400,000 in inventory for cash and sells $90,000 of this inventory to customer #1 for $150,000 on credit. On January 1st, the company purchases a small office building (paid in cash) as an investment that it will lease to an unrelated third party. The building costs $4,000,00 and has a 20-year estimated life with no salvage value. Toucan immediately finds a tenant who pays a $200,000 refundable security deposit (refundable in 2023 if there are no damages to the property). The lease term is for 4 years and the tenant pays $1,000,000 up front in January for the entire lease term. The company purchases a machine for $700,000 cash on January 1st and depreciates it over 10 years (depreciation is recorded straight line at year end and there is no salvage value) On June 1, customer #1 pays us $20,000 of the amount due. During June, $80,000 dollars of research and development expenses are incurred. $15,000 of this amount has not been paid as of yearend (i.e. remains a payable). In November, a customer gives Toucan $500,000 in cash for product that will be delivered in 2020. On December 1, 2019, the company sells inventory costing $100,000 to a customer in Europe for 110,000 Euros on credit to be collected 1/31/20. The Euro spot rate on 12/1/19 is 1.12. The Euro spot rate at 12/31/19 is 1.08. In order to hedge this transaction, the company enters into a forward contract on 12/1/19 to sell 110,000 Euros on 1/31/20 at a forward rate of 1.11. The forward rate at 12/31/19 is 1.10 and the discount rate used to value the forward contract at 12/31/19 is.9901 The forward contract is classified as a cash flow hedge of a foreign currency receivable. At year end it is determined that the value of the future cash flows associated with the machine are $600,000 (undiscounted) Required: Using a separate Excel Spreadsheet, journalize the transactions and create a Balance Sheet and Income Statement for year-end 2019. For each line item of your journal entries classify the amount as an Asset, Liability, Shareholders' Equity, Revenue, COGS, Expense, Gain, or Loss