If you could help me with this, would be great.

Comprehensive Individual Project: Harriet's Hats, Inc. Harriet's Hats is a fictional company. The following information includes the balance sheet as of December 31, 2019, and the details of the transactions that occurred during 2020. Background: Harriet's Hats is a hat retailer (in other words, Harriet's buys hats from a hat manufacturer and then sells them in their stores). Transactions for 2020 are representative of such a company's business activities. HINT: Read through the entire assignment at least twice before beginning to do any work. This will help you familiarize yourself with all of the important facts. Required: 1. Using the T-accounts provided, record the transactions that occurred during 2020. 2. Prepare the balance sheet, retained earnings statement, and income statement for Harriet's Hats, Inc. for the year ended December 31, 2020 Transactions for 2020 1. Sales and Accounts Receivable a. During the year, each hat had a sales price of $30. All sales were made on account. b. Cash collections on account amounted to $41,000. c. During the year, Harriet's identified $350 of receivables as being uncollectible and wrote them off. d. Harriet's follows a percentage-of-receivables approach to estimate its accounts receivable that will become uncollectible. As of the end of 2020, Harriet's estimates that 12% of its receivables will be uncollectible. 2. Inventory a. Harriet's began 2020 with 500 hats which had a cost of $8 each. Employees physically counted 525 hats remaining in the warehouse at the end of 2020. Harriet's uses a periodic LIFO inventory system to cost their inventory. The following purchases (all on account) were made during 2020: (1) January 15th - 405 hats @ $10.00 each (2) March 23rd 310 hats @ 12.00 each (3) July 2nd 525 hats @ $14.00 each (4) October 31st - 430 hats @ 15 each b. During 2020, Harriet's made cash payments to inventory suppliers totaling $21,000. 3. Property, Plant and Equipment a. Harriet's uses straight-line depreciation for all of its store fixtures and office equipment. b. Below is a schedule of the store fixtures and office equipment Harriet's had in place at the end of 2019. FIXTURES AND EQUIPMENT (as of December 31, 2019) ID# Historical Cost Estimated Estimated Salvage Date acquired Useful Life Value 1256 $12,000 10 years $1,200 Jan 1, 2014 1876 $1,700 5 years $300 Jan 1, 2016 4299 $23,000 5 years $1,000 Jan 1, 2019 c. On January 1, new store fixtures were purchased for $3,000 in cash. Harriet's expects the fixtures to have a 5 year useful life and a $500 salvage value. d. On July 1, office equipment (ID#1876) was sold for $520. 4. Debt a. On September 1, 2020, Harriet's paid-off the note payable that was outstanding at the beginning of the period. The note had an 8% interest rate, had been issued on September 1, 2019, and required semiannual interest payments on February 28 and August 31. b. Also on September 1, 2020, Harriet's borrowed $3,500 on a new note payable. The new note carries a 6% interest rate with similar payment terms as the note Harriet's just paid-off. 5. Operations a Harriet's made two rent payments of $1,650 during 2020 (on March 1 and September 1). The payments were for rent on the store building and were prepaid for six months each. The balance in the prepaid account at the end of 2020 represents the rent for January and February 2021 b. Cash paid out during 2020 for wages totaled $12,200. Records indicate that salaries for the last week of December amounted to $300 and would be paid at the end of the first week in January (a two-week pay period). C. Other expenses (paid in cash) totaled $2,102. 6. Income Taxes a. In March of 2020, Harriet's paid their 2019 income taxes. Harriet's has a 30% income tax rate for both 2019 and 2020 7. Common Stock a. Dividends of $3,300 were declared and paid during 2020. b. New common stock was issued for $12,000 during 2020. Harriet's Hats, Inc. Balance Sheet December 31, 2019 $15,000 5,000 (500) Assets Cash Accounts Receivable Less: Allowance for Bad Debts Net Accounts Receivable Prepaid Rent Inventory Total Current Assets Property, Plant, and Equipment Less: Accumulated Depreciation 4,500 500 4,000 24,000 36,700 (12,000) Net Property, Plant, and Equipment Total Assets 24,700 $48,700 $2,500 170 Liabilities and Owner's Equity Accounts Payable Wages Payable Interest Payable Income Taxes Payable Notes Payable Total Current Liabilities Common Stock Retained Earnings Total Liabilities and Owner's Equity 64 900 2,400 6,034 20,000 22,666 $48,700 Cash 15,000 Accounts Receivable 5,000 Allowance for Doubtful Accounts $ $ $ 500 Prepaid Rent 500 $ $ Inventory 4,000 Property, Plant, and Equipment 36,700 $ Accumulated Depreciation $ 12,000 Page 1 Wages Payable $ 170 T Interest Payable Cash $64 $ Income Taxes Payable $ Notes Payable $ 64 900 Cash $2,400 2,400 Common Stock $ Retained Earnings $ 20,000 22,666