Hiatt Corporation's balance sheet at December 31, 2009, is presented below. During 2010, the following transactions occurred. 1. On January 1, 2010, Hiatt issued 1, 500 shares of $20 par, 3% preferred stock for $33,000. 2. On January 1, 2010, Hiatt also issued 900 shares of the $10 par value common stock for $21,000. 3. Hiatt performed services for $280,000 on account. 4. On April 1, 2010, Hiatt collected fees of $36,000 in advance for services to be performed from April 1, 2010, to March 31, 2011. 5. Hiatt collected $267,000 from customers on account. 6. Hiatt bought $35, 100 of supplies on account. 7. Hiatt paid $32, 200 on accounts payable. 8. Hiatt reacquired 400 shares of its common stock on June 1, 2010, for $38 per share. 9. Paid other operating expenses of $188, 200. 10. On December 31, 2010, Hiatt declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2011. 11. An account receivable of $1, 300 which originated in 2009 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $5, 900 of supplies remain unused at year-end. 2. Recorded revenue earned from item 4 above. 3. The allowance for doubtful accounts should have a balance of $3, 500 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 $10,000. 5. The income tax rate is 30%. {You may want to set up T accounts to determine ending balances.} (a) Prepare journal entries for the transactions listed above and adjusting entries. (b) Prepare an adjusted trial balance at December 31, 2010. (Totals $671, 350) (c) Prepare an income statement and a retained earnings statement for the year ending December 31, 2010, and a classified balance sheet as of December 31, 2010. (Net income $54, 250, Total assets $361, 200)