Mastery Problem: P financial statements and closingentries LO,2.3a 6-M The trial balance for Paulson for the year ended December 31 of the current year andforms completing this problem are given in the Working Papers. The beginning balance of Merchandiselnventory is $112,825.90. Instructions: 1. Prepare an 2. Prepare a vertical anal of each amountin the fourth amount column.Round percentage calculatonstothenearest01% pare a statement of stockholders equity.The company of S1000 par value stock outstanding on January 1. The company issued an additional 500 shares during the year. 3. Prepare a balance sheet for the current year. 5. Journalize the closing entries on page 19 of the general journal