I need detailed answer please

International Corporation's balance sheet at December 31, 2019, is presented below. INTERNATIONAL CORPORATION Balance Sheet December 31, 2019 Cash $30,600 Accounts payable $27,600 Accounts receivable 45,000 Common stock ($10 par) 80,000 Allowance for doubtful accounts 700 Retained earnings 134,100 Supplies 4,400 241,700 Land 40,000 Machinery 142,000 Accumulated depreciation building (21,000) 241,700 During 2020, the following transactions occurred. 1. On January 1, 2020, International issued 1,300 shares of $20 par, 8% preferred stock for $35,000 2. International bought $36,500 of supplies on account. 3. International collected $361,000 from customers on account. 4. International paid $52,200 on accounts payable. 5. International reacquired 400 shares of its common stock on June 1, 2020, for $34 per share. 6. International performed services for $320,000 on account. 7. On December 31, 2020, International declared the annual preferred stock dividend and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2021. 8. An account receivable of $1,500 which originated in 2019 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $4,300 of supplies remain unused at year-end. 2. The allowance for doubtful accounts should have a balance of $4,100 at year end. 3. Depreciation is recorded on the Machinery on a straight-line basis based on a 15-year life and a salvage value of $35,000. 4. The income tax rate is 30%. Instructions (a) Prepare journal entries for the transactions listed above and adjusting entries. (b) Prepare the income statement