I'm stuck with this item, any help please?

Balance Sheet As of December 31, 2018 ASSETS Current Assets Cash 11.980 Accounts Receivable 20,520 Inventory 317,060 Inventory of Premiums [@$1.10 per premium it 560 Total Current Assets 350,220 Long-Term Assets Investments 66.775 Property, Plant and Equipment (PP8 750,000 Less: Accumulated Depreciation 90,000 660,000 Total Long-Term Assets 726.775 Intangible Assets Trademarks 190,000 Total Assets .266,995 LIABILITIES Current Liabilities Accounts Payable 50,722 Liability for Premiums 650 Interest Payable (on 6% Bonds) 3,000 Total Current Liabilities 54.272 Long-Term Liabilities 6% Bonds Payable (due 2023) 100.000 Unamortized Discount on Bonds Payable -6.732 Total Long-Term Liabilities 93.268 Total Liabilities 147.540 STOCKHOLDERS' EQUITY Common Stock [150,000 shares authorized, par value $1, 130,000 shares issued and outstanding 130,000 Paid-in Capital in Excess of Par - Common St 954,000 Retained Earnings 35,455 Total Stockholders' Equity 1,119,455 Total Liabilities and Stockholders' Equity 1,266,995Item if 1 Trademarks were previously acquired for $200,000 on January 1, 2018. Estimated useful life at the time of acquisition was 20 years. In 2019 there was litigation challenging these trademarks brought by a competitor and GeneralProducts successfully defended these trademarks at a legal cost of $45,000. The new (updated) useful life of the trademarks was estimated to be 25years from the date of acquisition. 2 All sales were on credit and totaled $940,560. COGS totaled $?80,650. 3 Included in the total sales of $940,560were the sales of 6,000 soap powder boxes. As a premium offer to increase soap powder sales, GeneralProducts includes one special coupon with every soap powder box. Customers can redeem 4 coupons to obtain one free premium item, a kitchen utensil. Based on past experience, 60% ofthe coupons are expected to be redeemed by customers. During 2019, 3,400 couponswere actually redeemed. Also in 2019, GeneralProducts purchased an additional 1,000 premiums [kitchen utensil items) (511 $1.10 each on credit to add to its Inventory of Premiums. 4 5year 6% bondswere issued on January 1, 2018, sold toyield 8% interest. Interest is paid semiannually on January 1 and June 30forthese bonds. Maturity value of the bond issue is $100,000 and the issue was sold at a discount of $8,111for an initial carryingvalue of $91,889. The bond indenture indicated that GeneralProducts may later call and redeem these bonds @101 any time afterJune 30, 2019. These bonds were subsequently called and redeemed on September 1, 2019, following the sale of a new 5% bond issue taking advantage of lower interest rates [see Item 5 below). The effectiveinterest method is applied to amortize the discount. 5 Totake advantage of lower interest rates and to finance the call and redemption of the previously issued 6% bonds @1 101 on September 1, 2019, GeneralProductsissued new5% bondswith face value of $100,000toyield 6%. The maturity period of these new 5% bonds is 10years and interest is paid semiannually on January 1 and June 30. The new 5% bonds were issued at a discount of $1438 for an initial carryingvalue of $$92,562 on July 1, 2019. The effectiveinterest method is applied to amortize the discount. 6 Selling and Administrative Expenses excluding noncash itemstotaled $87,345. PP&E is depreciated usingthe straight-line method over 25years of life. 7 Cash collected from customers totaled $906,450. 8 Cash paid to suppliersfor credit purchases totaled $?28,254. 9 Purchases of inventory totaled $689,525. All purchases were on credit. 10 GeneralProducts purchased land for $30,000 in advance of construction of a building and paid in full. Requirements to be completed: Requirement 1 Record the necessary journal entries for 2019. 2 Prepare the Income Statement and Statement of Retained Earnings for the year 2019. 3 Prepare the classified Balance Sheet as of December 31, 2019. 4 Show full calculation work! Please round your calculated answersto the closest dollar and ignore taxes