Hulk Corporation is a small private corporation thatsells desktop printers to local businesses and schools. On May $1,2024,$ the following were the account balances ofHulk Corporation:CashAccounts ReceivableInventory $(340$ units$)$VanFurniture & FixturesDebits$324001200068000256007200$Total Debits$145200$Allowance for Doubtful Accounts Accumulated Depreciation $($Van$)$Accumulated Depreciation $($Furniture & Fixtures$)$Accounts PayableCommon SharesRelained EarningsTotal CreditsCredits$120024000160064008000104000145200$During May $2024,$ the following transactions took place:May $1$: Bought $160$ desktop printers for $$120$ each on account.May $1$: Boughta van, paying $$6400$ cash as a down paymentand signed a $7$ month $$12000,6\%$ note payable for the balance. The company paid $$480$ to have its company logo printed on the side ofthe van. The residual value is $$6400.$ The old van was sold for $$8000$; itcost$$25600$ and acculumated depreciation up to the date ofdis posal was $$24000.$May $10$: Sold $128$ printers to Slar Lord Inc.on account.May $12$: Marvel Corporation agreed to sign a $60-$day note receivable to replace a $$1840$ accounts receivable due thatday. The interestrate on the note is$6\mathrm{.}4\%.$May $20$: Sold $2$ printers to Thor Inc.using a VISAcard to pay for the transaction. A$2\mathrm{.}8\%$ service fee is charged by VISA.May $22$: Sold $76$ printers to Tony Stark Public Schoolon account.May $24$: Returned for credit $3$ damaged printers from Star Lord Inc. cosfing $$136$ each.May $28$: Received paymentin full from Star Lord Inc. for the balance owing.May $28$: Wrote offas uncollectable $$3000$ ofaccounts receivable.May $29$: Paid accounts payable, $$7200.$May $30$: Recovered an accounts receivable thatwas written offin April, $$400.$May $31$: Paid operating expenses totalling $$36400.$May $31$: Raoder ears intone hares a pre us The an emeral in ears it or est lan on e and andfixtures.May $31$: Recorded intereston the note payable.May $31$: Recorded intereston the notes receivable.May $31$: The company records the bad debtexpense based on the aging ofaccounts receivables, which follows:Number of Days Outstanding$0-30$ days $31-60$ days $61-90$ days$90+$ daysAccounts Receivable$$28000$$$7200$$$2400$$$840$Es tinated Percentage Uncollectable$1\mathrm{.}6\%4\%8\%16\%$Other Information:$1)$ The selling price for each of the printers is $$440\mathrm{.}2)$ Hulk Corporation uses the FIFO method under the perpetual inventory system to accountfor inventory$\mathrm{.}3)$ In the past, Hulk Corporation has used the following accounts on their financial statements: Bad Debt Expense, Costof Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, InterestExpense, InterestPayable, InterestReceivable, InterestRevenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Returns, Sales Revenue. Notall accounts have been used each period.Required:$1)$ Prepare the journal entries for the transactions including any adjusting journal entries for the month ofMay $31,2024.$ Place your answer under"Requirement $1"$ in the "Answer" lab. Areminder to round all final numbers to the nearestdollar. Do notround during calculations. Ensure your spelling is accurate. Do notuse abbreviations for your accounts. Spell themoutin their entirety. Areminder to only use the accounts given in the question.Explanations are notrequired$\mathrm{.}2)$ Prepare an adjusted trial balance as atMay $31,2024.$ Place your answer under "Requirement$2"$ in the "Answer" lab. Place your accountfiles in column H$,$ debits in column land credits in column J$.$ Ensure your spelling is accurate. Do notuse abbreviations for your accounts. Spell them outin their entirety. Areminder to only use the accounts given in the question.given in the question$\mathrm{.}4)$ Prepare a classified Balance SheetatatMay $31,2024.$ Place your answer under "Requirement$4"$ in the "Answer" lab. Ensure your spelling is accurate. Do notuse abbreviations for your accounts. Spell them outin their entirety. A reminder lo only use the accounts given in the question$\mathrm{.}5)$ Assume Hulk Corporation overstated its ending inventory by $$1520.$ How does this affectcostofgoods sold, gross profit, and netincome in the year it was discovered? If the error is undetected, whatis the impacton costofgoods sold, gross profit, and netincome for the following year. Place your answer under "Requirement$5"$ in the "Answer" lab using the drop down menus. Enter the amountofthe over$/$unders tatement $($ifany$)$ in the designated spots$\mathrm{.}6)$ Assume thatHulk Corporation used the LCNRVio reportinventory on the balance sheet. The NRVof$$480$ is less than the FIFO cost. Prepare the journal entry. Place your answer under "Requirement" in the "Answer" lab. Ensure your spelling is accurate. Do notuse abbreviations for your accounts. Spell them outin their entirety. Areminder lo only use the accounts given in the question. Explanations are notrequired.