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Part III - Preparing Financial Statements 1. Prepare a well-formatted Income Statement for The Topanga Company for the year ended December 31, 2016. The Topanga Company Income Statement For the Year Ended December 31, 2016 2. Prepare a well-formatted Balance Sheet for The Topanga Company as of December 31 , 2016. The Topanga Company Balance Sheet As of December 31, 2016 Transaction 5: On December 15, the company pays $2,000 (Cash) for some the Inventory it bought on April 11. Transaction 6: On December 15 , the company pays out a $1,000 cash dividend to its owners. Part II - Booking Adjustments Now, it is December 31, 2016. For each of the transactions below, write journal entries in a manner that makes it CLEAR which accounts are debited and which are credited. Failure to do this will be rewarded with NO credit. - 9 months of the rent purchased on April 1 has been "used up" - Deal with Annual Depreciation - Deal with Annual Interest on the Note Payable ransaction 2: On April 11, the company buys $20,000 of Inventory and the supplier trusts them to eventually pay (credit Accounts Payable). Transaction 3: On May 1, the company finds someone willing to buy $4,000 of inventory for $14,000. The company delivers it immediately. The customer puts down $8,000 in Cash immediately AND is known to have excellent credit scores. Transaction 4: On August 26, the company gets a Utilites bill for $3,000 and pays it imuediately. Transaction 5: On December 15, the company pays $2,000 (Cash) for some the taventory it bought on Apeil II. Be sure to include a cover page for this assignment. Part I-Booking Transactions using Journal Entries The Topanga Company provides legal services to its customers. At the beginning of 2016, the company had the following balances in its financial accounting records: - Notes Payable represents money that won't need to be paid back for a long time. The company pays interest (in cash) every December 31 at a rate of 9%. - Building was purchased 28 years ago and is expected to last another 20 years (a total of 48 years) For each of the transactions below, write journal entries in a manner that makes it CLEAR which accounts are debited and which are credited. Failure to do this will be rewarded with NO credit. Transaction 1: On April 1, the company pays 3 years of rent in advance with $7,200 cash. Transaction 2: On April 11, the company buys $20,000 of Inventory and the supplier trusf them to eventually pay (credit Accounts Payable)