i need help with year end income statement and balance sheet.

You have recently been hired to run the accounting department at a recently started law firm. The company officially opened its doors on January 1, 2020. Exhibit one below is the balance sheet for the company as of December 31, 2019. The company has not made any journal entries or done any record keeping for the accounting department. This balance sheet came from a tax accountant which preparec the companies first two years tax returns. The company wants you to use Excel and the year end is December 31. General Information: The company is a C-Corporation. The address will be made up by each person. The corporation is not a publicly traded law firm. It is made up of Megan, Alison, Dan, and Stacey (MADS). They own all the stock and our incorporated in Massachusetts. They have authorized 2,000,000 shares of common stock at a par value of $1 dollar. They have issued 400,000 shares which are already shown on your balance sheet below. Each owner has 100,000 shares and were issued at $30 dollars per share already shown below). Unless noted differently, adjusting entries are made for every account that can be adjusted on a monthly basis. Balance sheet as of December 31, 2019 Assets Cash $11,500,000 Land $500,000 Equity Common Stock $400,000 Paid In Capital C.S $11,600,000 Please note that the law firm has done nothing except issue stock a buy some land the last two operation years. Now they are going to start running the business because they hired an accountant. Transactions January 1, 2020: The Law Firm is pretty sold in the cash area but wants to make sure that they have a Focus a & _65 B D A 1-Jan-20 3,397,356 Cash Premium on Bonds Payable Bonds Payable Computer Equpment Cash 397,356 3,000,000 1-Jan-20 80,000 80,000 300,000 300,000 60,000 60,000 2,000,000 2 2,000,000 100,000 100,000 900,000 900,000 1-Jan-20 Furniture Cash 1-Jan-20 Rent Expense Cash 11-Jan-20 Cash Loan Payable 3 15-Jan-20 Accounts Recievable 4 Service Revenue 5 31-Jan-20 Building 16 Cash 17 1-Feb-20 Cash 18 Unearned Revenue 1931-Feb-20 Rent Expense Cash 211-Mar-20 Utilities Expense Accounts Payable 231. Mar-20 Rent Expense Cash 54-Mar-20 Internet Expense Accounts Payable 28-Mar-20 Accounts Payable Discount Received Sheet1 2,400,000 2,400,000 60,000 60,000 10,000 10,000 60,000 60,000 5,000 5.000 10,000 200 Type here to search Clipboard Font D 200 9800 150 4850 1,400,000 B165 B 10,000 27 8-Mar-20 Accounts Payable 28 Discount Received 29 Cash 5,000 30 12-Mar-20 Accounts Payable 31 Discount Received 32 Cash 33 31-Mar-20 Building 1,400,000 34 Cash 35 31-Mar-20 Unearned Revenue 100,000 36 Service Revenue 37 1-Apr-20 Cash 100,000 38 Accounts Reivable 39 1-Apr-20 Rent Expense 60,000 Cash 4 Apr-20 Unearned Revenue 100,000 Service Revenue 143 30-Apr-20 Depreciation Expense 1,166.67 Accumulated Depreciation - Computer Equipment May-20 Prepaid insurance 16 Cash 720,000 1-May-20 Rent Expense 49 60,000 100,000 100,000 60,000 100,000 1,166.67 720,000 60,000 300,000 39 15-May-20 Patents Cash 31-May-20 Unearned Revenue Service Revenue 53_31-May-20 insurance Exoense Sheet1 300,000 100,000 100,000 15.000 Type here to search D 15000 1,166.67 2,333.33 1,250 60,000 B165 B 15,000 53 31-May-20 Insurance Expense 54 Prepaid Insurance 1,166.67 55 31-May-20 Depreciation Expense 56 Accumulated Depreciation- Computer 2,333.33 57 31-May-20 Depreciation Expense 58 Accumulated Depreciation- Furniture 59 31-May-20 Amortization Expense 1,250 60 Patents 61 1-Jun-20 Rent Expense 60,000 62 Cash 63 1-Jun-20 Cash 1,400,000 Service Revenue 65 15-Jun-20 Cash 9,000,000 66 Service Revenue 67 28-Jun-20 Accounts Recievable 500,000 68 Service Revenue 69 30-Jun-20 Building 1,750,000 Cash 30 Jun 20 Unearned Revenue 100,000 Service Revenue 330-Jun-20 Insurance Expense 15.000 Prepaid insurance 5 30-Jun-20 Depreciation Expense 1,166.67 Accumulated Depreciation Computer 230-Jun-20 Depreciation Expense Accumulated Depreciation. Furniture 2,333.33 30slun 20 Amortization Exoense Sheet1 2.500 1,400,000 9,000,000 500,000 1,750,000 100.000 15.000 1,166.67 2,33333 RE Type here to search 17 Clipboard Font Alignm . B165 D 2,500 2,500 60,000 60,000 20,000 20,000 20,000 400 19,600 60,000 60,000 100,000 A B 79 30-Jun-20 Amortization Expense 80 Patents 81 1-Jul-20 Rent Expense 82 Cash 83 1-Jul-20 Utilities Expense 84 Accounts Payable 85 9-Jul-20 Accounts Payable 86 Discount Received 87 Cash 88 1-Aug-20 Rent Expense 89 Cash 90 31-Aug-20 Unearned Revenue Service Revenue 92 31-Aug-20 Insurance Expense Prepaid Insurance 94 31-Aug-20 Depreciation Expense Accumulated Depreciation- Computer 96 31-Aug-20 Depreciation Expense Accumlated Depreciation- Furniture 98 31-Aug-20 Amortization Expense Patents 2001-Sep-20 Rent Expense Cash 1921-Sep-20 Bad Debt Expense Allowance for Doubtful Accounts E 30-Sep-20 Unearned Revenue Service Revenue Sheet! 100,000 15,000 15,000 1.166.67 1.166.67 2,333.33 2.333.33 2,500 2.500 60,000 60.000 5.000 5.000 100,000 100.000 E Type here to search Paste BI U > A > H 11 Clipboard Font Alignment 3165 D 15,000 7 15,000 1,166.67 1,166.67 2,333.33 2,333.33 2,500 2,500 60,000 60,000 100,000 100,000 B 6 30-Sep-20 Insurance Expense Prepaid Insurance 8 30-Sep-20 Depreciation Expense 19 Accumulated Depreciation - Computer 0 30-Sep-20 Depreciation Expense 1 Accumulated Depreciation- Furniture 12.30-Sep-20 Amortization Expense 3 Patents 14 1-Oct-20 Rent Expense 15 Cash 16 31-Oct-20 Unearned Revenue 17 Service Revenue 18 31-Oct-20 Insurance Expense 19 Prepaid Insurance 20 31-Oct-20 Depreciation Expense 2 Accumulated Depreciation-Computer 222 31-Oct-20 Depreciation Expense Accumulated Depreciation- Furniture 124 31-Oct-20 Amortization Expense 125 Patents 126 1-Nov-20 Rent Expense Cash 28. 30-Nov-20 Unearned Revenue Service Revenue 1930-Nov-20 Insurance Expense Prepaid Insurance 1930-Nov-20 Depreciation Excense Sheet1 15,000 15,000 1,166.67 1,166.67 2,333.33 2,333.33 2.500 2,500 60,000 60.000 100.000 100.000 15,000 15,000 1.166 67 Type here to search Calibri 11 A == 29 Wrap Paste v v A Es Merge Clipboard Font La Alignment B165 X D E 1,166.67 2,333.33 2,500 60,000 B C 32 30-Nov-20 Depreciation Expense 1,166.67 33 Accumulated Depreciation- Computer 34 30-Nov-20 Depreciation Expense 2,333.33 35 Accumulated Depreciation - Furniture 36 30-Nov-20 Amortization Expense 2,500 37 Patents 138 1-Dec-20 Rent Expense 60,000 139 Cash 140 31-Dec-20 Salaries Expense 300,000 Employees Federal Income Taxes Payable Employees State Income Taxes Payable FICA & Medicare Taxes Payable Cash 145 31-Dec-20 Payroll Tax Expense 82,750 FICA & Medicare Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Health insurance Payable 150 401K Payable SE 31-Dec 20 Internet Expense 260.661 Premium on Bonds Payable 99,339 Cash 15 31 Dec-20 Unearned Revenue 100,000 Service Revenue 56 31-Dec-20 nsurance Expense 15,000 Prepaid Insurance ES 31 Dec 20 Depreciation Expense 1.166.67 Sheet1 60,000 15,000 22,950 202,050 22,950 16,200 18.600 5,000 20,000 360,000 100,000 15.000 HE Type here to search Font Alignment Clipboard Z 3165 C D E 22,950 202,050 82,750 22,950 16,200 18,600 5,000 20,000 B 3 FICA & Medicare Taxes Payable 4 Cash 15 31-Dec-20 Payroll Tax Expense 46 FICA & Medicare Taxes Payable 47 Federal Income Taxes Payable 48 State Income Taxes Payable 49 Health Insurance Payable 50 401K Payable 51 31-Dec-20 Internet Expense 152 Premium on Bonds Payable 153 Cash 154 31-Dec-20 Unearned Revenue 155 Service Revenue 156 31-Dec-20 Insurance Expense 157 Prepaid Insurance 158 31-Dec-20 Depreciation Expense 159 Accumulated Depreciation - Computer 160 31-Dec-20 Depreciation Expense 161 Accumulated Depreciation- Furniture 162 31-Dec-20 Amortization Expense 163 Patents 1164 260,661 99,339 360,000 100,000 100,000 15,000 15,000 1,166.67 1,166.67 2,333.33 2,333.33 2,500 2,500 166 16 168 Sheet1 HE Type here to search o Eli He