For this project, you will be using the Excel workbook provided in week $2$s tab.Deliverable items for the Portfolio Project will be required at different points during the course as indicated in the table above. Fitchtown Inc.Post Closing Trial BalanceApril $30,20$XX DebitCreditCash $$68,791$ Accounts receivable $18,495$ Merchandise inventory $85,221$ Store Supplies $2250$ Office Supplies $885$ Prepaid Insurance $1659$ Office equipment $2500$ Accumulated depreciation$-$Office Equipment $$658$Store equipment $16580$ Accumulated depreciation$-$Store Equipment $2,268$Accounts Payable $50,921$Common Stock, $20,000$ shares $$1$ par $20,000$Paid$-$in$-$Capital, Excess of Par $35,000$Retained Earnings $87,534$Totals $$186,381$$$186,381$ Fitchtown, Inc. operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April $30$ balances. Terms for all credit sales are $2/10,$ n$/30,$ unless otherwise stated. May$1$ Issued Check No$.3410$ to Q&R Management Co$.$ in payment of the May rent, $$3,710.($Use two lines to record the transaction. Charge $80\%$ of the rent to Rent ExpenseSelling Space and the balance to Rent ExpenseOffice Space.$)2$Sold merchandise on credit to Cole Company, Invoice No$.8785,$ for $$6,100($cost is $$4,100).2$Issued a $$175$ credit memorandum to Mercer Co$.$ for defective $($worthless$)$ merchandise sold on April $28$ and returned for credit. The total selling price $($gross$)$ was $$4,725.$ NOTE: The $$175$ is the amount to credit and is the $100\%$ amount of the item returned. $3$Received a $$798$ credit memorandum from Preston Products for the return of merchandise purchased on April $29.4$Purchased the following on credit from Davis Supply Co$.$: merchandise, $$37,072$; store supplies, $$574$; and office supplies, $$83.$ Invoice dated May $4,$ terms n$/10$ EOM. $5$Received payment from Mercer Co$.$ for the balance from the April $28$ sale less the May $2$ return and the discount. $8$Issued Check No$.3411$ to Preston Products to pay for the $$7,098$ of merchandise purchased on April $29$ less the May $3$ return and a $2\%$ discount. $9$Sold store supplies to the merchant next door at their cost of $$350$ cash. $10$Purchased $$4,074$ of office equipment on credit from Davis Supply Co$.,$ invoice dated May $10,$ terms n$/10$ EOM. $11$Received payment from Cole Company for the May $2$ sale less the discount. $11$Purchased $$8,800$ of merchandise from Henley, Inc., invoice dated May $10,$ terms $2/10,$ n$/30.12$Received an $$854$ credit memorandum from Davis Supply Co$.$ for the return of defective office equipment received on May $10.15$Issued Check No$.3412,$ payable to Payroll, in payment of sales salaries, $$5,320,$ and office salaries, $$3,150.$ Cashed the check and paid the employees. $15$Cash sales for the first half of the month are $$70,220($cost is $$38,200).($Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.$)16$Sold merchandise on credit to Cole Company, Invoice No$.8786,$ for $$3,990($cost is $$1,890).17$Purchased $$13,650$ of merchandise from Summit Corp., invoice dated May $14,$ terms $2/10,$ n$/60.19$Issued Check No$.3413$ to Henley, Inc., in payment of its May $10$ invoice less the discount. $22$Sold merchandise to Crane Services, Invoice No$.8787,$ for $$6,850($cost is $$4,990),$ terms $2/10,$ n$/60.23$Issued Check No$.3414$ to Summit Corp. in payment of its May $14$ invoice less the discount. $24$Purchased the following on credit from Davis Supply Co$.$: merchandise, $$8,120$; store supplies, $$630$; and office supplies, $$280.$ Invoice dated May $24,$ terms n$/10$ EOM. $25$Purchased $$3,080$ of merchandise from Preston Products, invoice dated May $23,$ terms $2/10,$ n$/30.26$Sold merchandise on credit to Crank Corp., Invoice No$.8788,$ for $$14,210($cost is $$8,230).26$Issued Check No$.3415$ to Perennial Power in payment of the May electric bill, $$1,283.29$The company voted to issue and pay dividends today, in the amount of $$7\mathrm{.}000.30$Received payment from Crane Services for the May $22$ sale less the discount. $30$Issued Check No$.3417,$ payable to Payroll, in payment of sales salaries, $$5,320,$ and office salaries, $$3,150.$ Cashed the check and paid the employees. $31$Cash sales for the last half of the month are $$66,052($cost is $$42,500).1.$ Expired insurance, $$500\mathrm{.}2.$ Ending store supplies inventory, $$2,426\mathrm{.}3.$ Ending office supplies inventory, $$469\mathrm{.}4.$ Depreciation of store equipment, $$432\mathrm{.}5.$ Depreciation of office equipment, $$480$ Now that you have reviewed and corrected most of the steps in the accounting cycle, it is time to complete the cycle with the last steps. This week, you are to prepare the multiple$-$step income statement, statement of changes in shareholders equity, and classified balance sheet. Prepare the closing entries and the post$-$closing trial balance. You should use the corrected information completed in prior weeks. Prepare the income statement, where net income will be carried through to the statement of changes in shareholders equity as one of the adjustments to the final balance in the equity account. You will then need to prepare the balance sheet, where you will show the updated shareholders equity balances. Prepare a May $($xxxx$)$ multiple$-$step income statement, a May $($xxxx$)$ statement of changes to shareholders equity, and a May $31,($xxxx$),$ classified balance sheet. Note the corporation has authorized $100,000$ shares at $$1\mathrm{.}00$ par value. Prepare the closing entries and prepare a post$-$closing trial balance