im in need of some help with preparing the following?

(a)adjusted Trial Balance as of December 31, 2021?

(b) Prepare an income statement, statement of retained earnings and a balance sheet as of December 31, 2021?

(c) Prepare a cash flow statement, using the indirect method, for the year ended December 31, 2021?

(d) Close all accounts as necessary and prepare a post-closing Trial Balance?

(E) Prepare all adjusting journal entries as necessary with how it was calculated?

. Diamond is a Corporation that sells 3 styles of Bracelets (BANGLES, LINKS & CHAINS) The company uses the perpetual FIFO method in accounting for its inventory. Diamond makes its adjustments at the end of each year All sales and inventory are purchased on account Be sure to round all numbers to the nearest dollar. The company had the following Post-Closing Trial Balance at 12/31/2020 Credit Debit 2,386,254 341,475 6,830 184,025 600 100 4,200 75,000 250,000 6,410 Account Name Cash Accounts Receivable Allowance for Bad Debt Inventory Supplies on Hand Prepaid Insurance Prepaid Lease Land Building A/D- Building Equipment A/D- Equipment Accounts Payable Income Tax Payble Interest Payable Unearned Rent Dividend Payable Notes Payable Common Stock APIC - Common Stock Retained Earnings 130,000 18,571 423,200 35,047 161,550 1,200 45,000 2,020,000 100,000 500,000 53,846 Diamond uses, the 200% double declining balance, Half Year, method to depreciate all 5, 7 & 10-year property Diamond uses, the SL, mid-month basis to depreciate all real property Income tax rate is 35% The $130,000 of equipment has an expected life of 7 years and no salvage value The $250,000 building has an expected life of 39 years and no salvage value Inventory at 1/1/20 consists of: O BANGLES - 9,500 units at 7.00 each O LINKS -5,750 units at 9.20 each CHAINS - 5,500 units at 11.75 each o Notes Payable at December 31, 2020 consisted of: o Foley Bank - 1,900,000, 9% interest rate. Interest is paid on Feb 1st of each year, principal to be repaid on 2/1/2024 Northern bank - 120,000, 8% interest rate, Interest is paid on June 25th of each year, principal to be repaid on June 30, 2022 The following transactions and events occurred in 2021. 1/1 Issued 200,000 share of $1 par common stock to investors at $15 per share 1/1 Paid monthly rent on computer equipment, $1,500 1/1 Issued 20,000 share of $10 par, 10% preferred stock to investors at $25 per share 1/1 Issued $450,000 in bonds at par value. The bonds have a stated interest rate of 10%, payable semiannually on July 1 and January 1 1/1 The estimated useful life and salvage value for the building that was purchased in 2020 was changed. It is now estimated that the building has a remaining life (as of 1/1/2021) of 20 years and a salvage value of $25,000. 1/1 Purchased a building and land for $810,000. The building has a 25-year expected useful life and a $70,000 expected salvage value. The land is valued at $90,000. 1/10 Purchased $750 of supplies for cash 1/15 Purchased inventory on account - 2,500 BANGLES Bracelets for $7.50 each, 2,000 LINKS for $9.25 each and 2,750 CHAINS for $12 each. 1/15 Made a payment of $370,000 to pay off several Accounts Payable accounts 1/15 Paid the cash dividend declared in November 2020 1/31 Paid $2,200 for a 1-year insurance policy (effective 2/1/2021 1/31/2022) 2/1 Diamond repurchased 18,000 shares of its own common stock to be held as treasury stock. The price paid was $34 per share 2/1 Paid the interest on the loan from Foley Bank 2/2 Paid for inventory purchased on 1/15 2/15 Purchased $250 of supplies for cash 2/20 3/2 3/5 3/10 3/12 3/15 3/20 Sold Inventory on account (sold 1800 BANGLES for $15, 1200 LINKS for $19 and 1700 CHAINS for $25) terms 2/10, net 30 Received notice that a customer from 2020 declared bankruptcy and will not be able to pay the remaining balance owed on their bill, $4,700 Sold Inventory on account (sold 50 BANGLES for $15, 100 LINKS for $19 and 750 CHAINS for $25) terms 2/10, net 30 Received payment for the 2/20 transaction Received payment for merchandise sold on 3/5 Paid income taxes owed from the 2020 fiscal year. Purchased inventory on account - 4000 BANGLES Bracelets for $7.75 each, 2000 LINKS for $9.75 each and 3750 CHAINS for $12.25 each. Terms net 30 Signed a 1-year lease for a copy machine. Lease payments are to be made the first day of the month in the amount of $200 Paid for merchandise purchased on 3/20 Made lease payment on copy machine Sold Inventory on account (sold 500 BANGLES for $15, 1,000 LINKS for $19 and 1,750 CHAINS for $25) terms 2/10, net 30 Customer made a payment of $34,423 from the 4/2 transaction (this was amount due less discount) 3/25 3/29 4/1 4/2 4/10 5/1 Made lease payment on copy machine 5/1 Sold Inventory on account (sold 2800 BANGLES for $15, 1500 LINKS for $19 and 1900 CHAINS for $25) terms 2/10, net 30 5/20 Customer from the 5/1 transaction returned inventory (200 BANGLES) all inventory was still in good working order 5/20 Customer paid their remaining balance from the 4/2 transaction 6/1 Made lease payment on copy machine 6/1 Purchased inventory on account - 1500 BANGLES Bracelets for $8 each, 2500 LINKS for $10 each and 2750 CHAINS for $12.50 each. 6/5 Returned 500 units of CHAINS from the 6/1 purchase 6/10 Paid the remaining balance from the 6/1 purchase 6/20 Customer from the 5/1 transaction made a payment of $10,000 7/1 Paid the interest on the bonds 7/1 Made interest payment on equipment note to Northern Bank 7/1 Made lease payment on copy machine 7/1 Purchased $130,000 of equipment using a bank loan at 7% interest to be paid in 2 years. Interest is due on June 30 of each year. The equipment has a life of 7 years and a 5,000- salvage value. 7/1 Sold Inventory on account (sold 1250 BANGLES for $15, 2750 LINKS for $19 and 2000 CHAINS for $25) terms 2/10, net 30 8/1 Made lease payment on copy machine 8/2 Purchased $600 of supplies for cash 8/10 Received of payment from the 7/1 transaction 8/10 Purchased inventory on account - 5000 BANGLES Bracelets for $8.10 each, 3000 LINKS for $10 each and 4500 CHAINS for $12.50 each. net 30 9/1 Made lease payment on copy machine 9/1 Paid $10,000 cash to lease a truck for one year 9/15 Paid for inventory purchased on 8/10 Made lease payment on copy machine 10/15 Purchased $350 of supplies for cash 11/1 Purchased inventory on account - 2000 BANGLES Bracelets for $8.10 each, 3000 LINKS for $10.20 each and 2750 CHAINS for $12.50 each. 11/1 Received $3,600 from a tenant for 6 months' rent (11/1/2021 to 4/30/2022) 11/1 Made lease payment on copy machine 11/17 Paid a cash dividend of $.40 per share on outstanding shares and paid dividends to preferred shareholders 12/1 Sold Inventory on account (sold 8500 BANGLES for $15, 7500 LINKS for $19 and 9600 CHAINS for $25) terms 2/10, net 30 12/1 Made lease payment on copy machine 12/15 Purchased inventory on account - 12,000 BANGLES Bracelets for $8.25 each, 8,000 LINKS for $10.25 each and 9,750 CHAINS for $12.75 each. 12/28 Sold Inventory on account (sold 5500 BANGLES for $15, 4500 LINKS for $19 and 6500 CHAINS 10/1 | 12/25 Received payments totaling $1,065,000 from customers for past due invoices Other Information: At year end $300 worth of supplies are on hand The company uses the % of Receivables method in estimating bad debts; 2% of the ending receivables balance is deemed to be uncollectible . Diamond is a Corporation that sells 3 styles of Bracelets (BANGLES, LINKS & CHAINS) The company uses the perpetual FIFO method in accounting for its inventory. Diamond makes its adjustments at the end of each year All sales and inventory are purchased on account Be sure to round all numbers to the nearest dollar. The company had the following Post-Closing Trial Balance at 12/31/2020 Credit Debit 2,386,254 341,475 6,830 184,025 600 100 4,200 75,000 250,000 6,410 Account Name Cash Accounts Receivable Allowance for Bad Debt Inventory Supplies on Hand Prepaid Insurance Prepaid Lease Land Building A/D- Building Equipment A/D- Equipment Accounts Payable Income Tax Payble Interest Payable Unearned Rent Dividend Payable Notes Payable Common Stock APIC - Common Stock Retained Earnings 130,000 18,571 423,200 35,047 161,550 1,200 45,000 2,020,000 100,000 500,000 53,846 Diamond uses, the 200% double declining balance, Half Year, method to depreciate all 5, 7 & 10-year property Diamond uses, the SL, mid-month basis to depreciate all real property Income tax rate is 35% The $130,000 of equipment has an expected life of 7 years and no salvage value The $250,000 building has an expected life of 39 years and no salvage value Inventory at 1/1/20 consists of: O BANGLES - 9,500 units at 7.00 each O LINKS -5,750 units at 9.20 each CHAINS - 5,500 units at 11.75 each o Notes Payable at December 31, 2020 consisted of: o Foley Bank - 1,900,000, 9% interest rate. Interest is paid on Feb 1st of each year, principal to be repaid on 2/1/2024 Northern bank - 120,000, 8% interest rate, Interest is paid on June 25th of each year, principal to be repaid on June 30, 2022 The following transactions and events occurred in 2021. 1/1 Issued 200,000 share of $1 par common stock to investors at $15 per share 1/1 Paid monthly rent on computer equipment, $1,500 1/1 Issued 20,000 share of $10 par, 10% preferred stock to investors at $25 per share 1/1 Issued $450,000 in bonds at par value. The bonds have a stated interest rate of 10%, payable semiannually on July 1 and January 1 1/1 The estimated useful life and salvage value for the building that was purchased in 2020 was changed. It is now estimated that the building has a remaining life (as of 1/1/2021) of 20 years and a salvage value of $25,000. 1/1 Purchased a building and land for $810,000. The building has a 25-year expected useful life and a $70,000 expected salvage value. The land is valued at $90,000. 1/10 Purchased $750 of supplies for cash 1/15 Purchased inventory on account - 2,500 BANGLES Bracelets for $7.50 each, 2,000 LINKS for $9.25 each and 2,750 CHAINS for $12 each. 1/15 Made a payment of $370,000 to pay off several Accounts Payable accounts 1/15 Paid the cash dividend declared in November 2020 1/31 Paid $2,200 for a 1-year insurance policy (effective 2/1/2021 1/31/2022) 2/1 Diamond repurchased 18,000 shares of its own common stock to be held as treasury stock. The price paid was $34 per share 2/1 Paid the interest on the loan from Foley Bank 2/2 Paid for inventory purchased on 1/15 2/15 Purchased $250 of supplies for cash 2/20 3/2 3/5 3/10 3/12 3/15 3/20 Sold Inventory on account (sold 1800 BANGLES for $15, 1200 LINKS for $19 and 1700 CHAINS for $25) terms 2/10, net 30 Received notice that a customer from 2020 declared bankruptcy and will not be able to pay the remaining balance owed on their bill, $4,700 Sold Inventory on account (sold 50 BANGLES for $15, 100 LINKS for $19 and 750 CHAINS for $25) terms 2/10, net 30 Received payment for the 2/20 transaction Received payment for merchandise sold on 3/5 Paid income taxes owed from the 2020 fiscal year. Purchased inventory on account - 4000 BANGLES Bracelets for $7.75 each, 2000 LINKS for $9.75 each and 3750 CHAINS for $12.25 each. Terms net 30 Signed a 1-year lease for a copy machine. Lease payments are to be made the first day of the month in the amount of $200 Paid for merchandise purchased on 3/20 Made lease payment on copy machine Sold Inventory on account (sold 500 BANGLES for $15, 1,000 LINKS for $19 and 1,750 CHAINS for $25) terms 2/10, net 30 Customer made a payment of $34,423 from the 4/2 transaction (this was amount due less discount) 3/25 3/29 4/1 4/2 4/10 5/1 Made lease payment on copy machine 5/1 Sold Inventory on account (sold 2800 BANGLES for $15, 1500 LINKS for $19 and 1900 CHAINS for $25) terms 2/10, net 30 5/20 Customer from the 5/1 transaction returned inventory (200 BANGLES) all inventory was still in good working order 5/20 Customer paid their remaining balance from the 4/2 transaction 6/1 Made lease payment on copy machine 6/1 Purchased inventory on account - 1500 BANGLES Bracelets for $8 each, 2500 LINKS for $10 each and 2750 CHAINS for $12.50 each. 6/5 Returned 500 units of CHAINS from the 6/1 purchase 6/10 Paid the remaining balance from the 6/1 purchase 6/20 Customer from the 5/1 transaction made a payment of $10,000 7/1 Paid the interest on the bonds 7/1 Made interest payment on equipment note to Northern Bank 7/1 Made lease payment on copy machine 7/1 Purchased $130,000 of equipment using a bank loan at 7% interest to be paid in 2 years. Interest is due on June 30 of each year. The equipment has a life of 7 years and a 5,000- salvage value. 7/1 Sold Inventory on account (sold 1250 BANGLES for $15, 2750 LINKS for $19 and 2000 CHAINS for $25) terms 2/10, net 30 8/1 Made lease payment on copy machine 8/2 Purchased $600 of supplies for cash 8/10 Received of payment from the 7/1 transaction 8/10 Purchased inventory on account - 5000 BANGLES Bracelets for $8.10 each, 3000 LINKS for $10 each and 4500 CHAINS for $12.50 each. net 30 9/1 Made lease payment on copy machine 9/1 Paid $10,000 cash to lease a truck for one year 9/15 Paid for inventory purchased on 8/10 Made lease payment on copy machine 10/15 Purchased $350 of supplies for cash 11/1 Purchased inventory on account - 2000 BANGLES Bracelets for $8.10 each, 3000 LINKS for $10.20 each and 2750 CHAINS for $12.50 each. 11/1 Received $3,600 from a tenant for 6 months' rent (11/1/2021 to 4/30/2022) 11/1 Made lease payment on copy machine 11/17 Paid a cash dividend of $.40 per share on outstanding shares and paid dividends to preferred shareholders 12/1 Sold Inventory on account (sold 8500 BANGLES for $15, 7500 LINKS for $19 and 9600 CHAINS for $25) terms 2/10, net 30 12/1 Made lease payment on copy machine 12/15 Purchased inventory on account - 12,000 BANGLES Bracelets for $8.25 each, 8,000 LINKS for $10.25 each and 9,750 CHAINS for $12.75 each. 12/28 Sold Inventory on account (sold 5500 BANGLES for $15, 4500 LINKS for $19 and 6500 CHAINS 10/1 | 12/25 Received payments totaling $1,065,000 from customers for past due invoices Other Information: At year end $300 worth of supplies are on hand The company uses the % of Receivables method in estimating bad debts; 2% of the ending receivables balance is deemed to be uncollectible