Lionel, Inc. began Year 3 with the following normal account balances The following summary transactions occurred during Year 3 for Lionel, Inc. (Round calculations to the nearest whole dollar.) 1. On January 1, purchased equipment for cash of $42,100. The company paid $1,350 in transportation costs, $1,100 installation fees. Trained a current employee to operate the equipment for a one-time training fee of $450. 2. Paid $30,000 for a one-year term insurance policy. 3. Purchased $800 of supplies on account to be used over the next several months by the business. 4. Purchased $25,000 of inventory on account, FOB destination point. 5. The responsible party paid $315 cash to the shipping company in event #4. 6. Sold inventory costing $37,000 for $71,000 on account with terms 1/15,n/45. 7. Paid $38,400 cash on accounts payable 8. Collected $65,000 of accounts receivable on items sold in event \# 6 after the discount period. 9. Paid dividends of $2,500. 10.Paid $1,850 for advertising expense for the year. 11. Wrote off an uncollectible account of $770. 12. On December 20 , received $15,000 cash in advance for services to be performed during Year 4 . 13. Sold the land for $63,000 cash. Year-end Adjustments Adj 1. Accrued interest on the Note Receivable in the amount of $700. Adj 2. The insurance policy premium (event \#2) was made on April 1 for one-year coverage. Adj 3. After counting remaining supplies, Lionel determined that $900 of supplies had been used during the year. Adj 4. Recognized $4,500 of depreciation on equipment. Adj 5. Recognized uncollectible account expense for the year. Lionct uses the allowance method and estimates that 5% of the accounts receivable will not be collected. Required 3. Record the above transactions in general journal form. (Number each entry to match event number.) b. Post the transactions and adjustments to T-accounts. (Include the event number with every entry) c. Create an adjusted Trial Balance. d. Prepare a multi-step income statement, statement of changes in stockholders' equity and a balance sheet