Hiatt corporation's balance sheet at december 31, 2009, is presented below

CP11 Hiatt Corporation's balance sheet at December 31, 2009, is presented below HIATT CORPORATION Balance Sheet December 31, 2009 $25,600 $24,600 45,500 (1,500) 4,400 40,000 142,000 (22,000) s2331000 Accounts payable Common stock ($10 par) Retained earnings Cash Accounts receivable Allowance for doubtful accounts Supplies Land Building Accumulated depreciation-building 80,000 / 127 s;cent = $233.000 10, the following transactions occurrec toc for $33,000 1. On January 1, 2010, Hiatt issued 1,500 shares of S20 par 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 n advance for services to be performed from April 1, 2010, to March 31, 2011. 5. Hiatt coliected $267,000 from customers on account. 5Hiatt bought $35,100 of supplies on account 7. Hiatt paid S32,200 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. :0. On December 31, 2010, Hiatt declared the annual preferred stock dividend and a $120 per share dividend common stock, all payable on January 15 ,2011. 11. An account receivable of $1,300 which originated in 2009 is written off as uncollectible A count of supplies indicates that $5,900 of supplies remain unused at year-end Recorded revenue earned from item 4 above The allowance for doubtful accounts should have a balance of $3,500 at year end Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10,000. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) 1. 2. 3. 4. 5. Instructions (You may want to set up Taccounts 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 Malme tatement and a retained earnings statement for the year ending December 31, (c) Prepare an mictme'tatement and a retained earnings statement for the year ending December 31, 2010, and a classifled balance sheet as of December 31, 2010. (Net income $54,250, Total assets $361,200)