FLINT CORPORATION Balance Sheet December 31, 2021 Cash Accounts receivable $61,500 Accounts payable 113,750 Common stock ($10 par) (3,750) Retained earnings $64,000 200,000 318,500 Allowance for doubtful accounts Supplies 11,000 Land 100,000 Buildings Accumulated depreciation-buildings 355,000 (55,000) $582,500 $582,500 During 2022, the following transactions occurred. 1. On January 1, Flint issued 3,000 shares of $40 par, 7% preferred stock for $123,000. 2. On January 1, Flint also issued 2,250 shares of the $10 par value common stock for $52,500. 3. Flint performed services for $800,000 on account. 4. On April 1, 2022, Flint collected fees of $90,000 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Flint collected $690,000 from customers on account. 6. Flint bought $87,750 of supplies on account 7. Flint paid $80,500 on accounts payable. 8. Flint reacquired 1,000 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $470,500. 10. On December 31, 2022, Flint declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. 11. An account receivable of $4,250 which originated in 2022 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $14,750 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $8,750 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $25,000. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) lal Prepare journal entries for the transactions listed above and adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter Ofor the amounts. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit 1. Adjusting entries 1. 2. 3. HHH