I need help on adjusting entries AND revised income statement and revised balance sheet of Frosty Co.

Basically requirements 1 to 6

Computations: Related instructions: 1 - b) Actual interest Actual interest cost Loan Bond A Loan 1 Loan 2 1-b) avoidable interest cost WA Expenditure Feb. 15 Apr. 1 Jun. 30 Oct. 1 Nov. 15 Principal $678,500 650,000 1,000,000 Amount $90,000 125,000 200,000 300,000 585,000 Period WA interest rate Capitalizable interest 1-e) Earnings per share effect Effect on net income EPS effect 2 - Asset Retirment Obligation (calculate the PV of AROs) Annuity Single sum [find the PV of both the annuity and single sum part] Total Presnent value, Year 2 2-c) EPS Effect 3 - Write down of inventory Estimate 1 Estimate 2 (3-a) (3-b) oose the alternative that leads to Ceiling onservative amount of inventory] Floor Current replacement cost Designated market Cost No. of units Lower of cost or market Writedown, if any Tax effect 3e) After tax effect EPS effect 4 - Bad debt 4-a) Bad debt expense - new Bad debt expense - new method Credit sales Percentage Bad debt expense - new 4-b) Bad debt expense - old 4c) Bad debt exp. - old method Allowance for bad debt before adjustment Desired balance of allowance for bad debt Bad debt expense - old method After tax effect EPS effect WA Exp. General Journal Date (Item) Account title and explanations 1a Building Interest Expense Interest payable Cash 1c 1d 2b 3 4 P/R Debit Credit 70,000 87,174 20,000 137,174 Frosty Co. Income Statement For Year Ended December 31, Year 2 Sales revenue Sales Less: Sales returns and allowances Sales discounts Net sales Cost of goods sold Inventory, Dec. 31, Year 1 Purchases Less: Purchase discounts Purchase returns Purchase allowances Net purchases Freight In Cost of goods available for sale Less: inventory, Dec. 31, Year 2 Cost of goods sold Gross profit Operating expenses Advertising expense Bad debt expense Depreciaiton expense Insurance expense Miscellanous expense Supplies expense Utilities expense Wages expense Warranty expense Total operaing expense Income from opertions Other gains and losses Rent revenue Interest expense Loss on sale of machinery Inome before income tax Income tax expense (30%) Net income EPS (250,000 shares outstanding) $4,452,300 $44,523 25,000 $69,523 $4,382,777 $495,600 $1,850,000 (37,000) (92,500) (18,500) $ 1,702,000 61,500 $ 1,763,500 $2,259,100 775,000 $1,484,100 $2,898,677 $445,230 62,000 782,500 92,000 97,205 52,450 97,800 355,000 39,950 $2,024,135 $874,542 $70,000 (87,174) (67,500) (84,674) $789,868 $236,960 $552,908 $2.21 Frosty Co. Balance Sheet December 31 Year 2 Asset Current Assets Cash Accounts receivable Less: Allowance for bad debt Inventory Prepaid advertising Prepaid insurance Total current assets Property, Plant,and Equipment Land Building Machinery Less: Accumulated deprecition Total PPE Intangible Assets Goodwill Total Assets Current Liabilities Accounts payable Income tax payable Interest payable Other payables Unearned sales revenue Total current liabilite Long-term Debt Asset retirement obligations Loans payable Bonds payable Totla Long-term debt Total liabilities Stockholders' Equity Common stock Additional paid-in capital Retained earnings Tresury stock Total stockholders' equity Total liabilities and Stockholders' Equity Year 1 $85,050 600,000 (72,000) 775,000 90,000 25,000 $1,503,050 $75,000 350,000 (40,000) 495,600 105,000 45,000 $1,030,600 $1,250,000 $1,250,000 8,870,000 7,500,000 11,000,000 10,500,000 (7,582,500) (6,800,000) $13,537,500 $12,450,000 $3,250,000 $3,250,000 $18,290,550 $16,730,600 $433,659 186,390 60,000 77,193 325,000 $1,082,242 $750,000 57,500 40,000 52,000 255,000 $1,154,500 $0 $1,650,000 678,500 $2,328,500 $3,410,742 $0 650,000 678,500 $1,328,500 $2,483,000 $125,000 $50,000 5,104,300 5,000,000 9,661,508 9,208,600 (11,000) (11,000) $14,879,808 $14,247,600 $15,962,050 $16,730,600 Frosty Co. Income Statement For Year Ended December 31, Year 2 Sales revenue Sales Less: Sales returns and allowances Sales discounts Net sales Cost of goods sold Inventory, Dec. 31, Year 1 Purchases Less: Purchase discounts Purchase returns Purchase allowances Net purchases Freight In Cost of goods available for sale Less: inventory, Dec. 31, Year 2 Cost of goods sold Gross profit Operating expenses Advertising expense Bad debt expense Depreciaiton expense Insurance expense Miscellanous expense Supplies expense Utilities expense Wages expense Warranty expense Total operaing expense Income from opertions Other gains and losses Rent revenue Interest expense Loss on sale of machinery Inome before income tax Income tax expense (30%) Net income EPS (250,000 shares outstanding) $4,452,300 $44,523 25,000 $69,523 $4,382,777 $495,600 $1,850,000 (37,000) (92,500) (18,500) $ 1,702,000 61,500 $ 1,763,500 $2,259,100 775,000 $1,484,100 $2,898,677 $445,230 62,000 782,500 92,000 97,205 52,450 97,800 355,000 39,950 $2,024,135 $874,542 $70,000 (87,174) (67,500) (84,674) $789,868 $236,960 $552,908 $2.21 Frosty Co. Balance Sheet December 31 Year 2 Asset Current Assets Cash Accounts receivable Less: Allowance for bad debt Inventory Prepaid advertising Prepaid insurance Total current assets Property, Plant,and Equipment Land Building Machinery Less: Accumulated deprecition Total PPE Intangible Assets Goodwill Total Assets Current Liabilities Accounts payable Income tax payable Interest payable Other payables Unearned sales revenue Total current liabilite Long-term Debt Asset retirement obligations Loans payable Bonds payable Totla Long-term debt Total liabilities Stockholders' Equity Common stock Additional paid-in capital Retained earnings Tresury stock Total stockholders' equity Total liabilities and Stockholders' Equity Year 1 $85,050 600,000 (72,000) 775,000 90,000 25,000 $1,503,050 $75,000 350,000 (40,000) 495,600 105,000 45,000 $1,030,600 $1,250,000 $1,250,000 8,870,000 7,500,000 11,000,000 10,500,000 (7,582,500) (6,800,000) $13,537,500 $12,450,000 $3,250,000 $3,250,000 $18,290,550 $16,730,600 $433,659 186,390 60,000 77,193 325,000 $1,082,242 $750,000 57,500 40,000 52,000 255,000 $1,154,500 $0 $1,650,000 678,500 $2,328,500 $3,410,742 $0 650,000 678,500 $1,328,500 $2,483,000 $125,000 $50,000 5,104,300 5,000,000 9,661,508 9,208,600 (11,000) (11,000) $14,879,808 $14,247,600 $18,290,550 $16,730,600