On December, 31 2019, BALISTRERI COMPANY, had the following account balances (in $). Debit Credit Cash 47,250 Acc. Depreciation - Equipment 14,850 Account receivable 20,250 Acc. Depreciation - Building 5,940 Inventory 40,500 Account Payable 71,550 Supplies 13,500 Share Capital-Ordinary 283,500 Equipment 81,000 Retained Earnings 34,560 Building 207,900 Total 410,400 Total 410,400 4 5 During January 2020, the company completed the following summary transactions Jan. 1 Paid $3,000 cash for one year insurance policy 2 Purchase new Equipment $9,500 for cash. The equipment has 6 years useful life and $500 residual value 3 Sold merchandise inventory on account $60.000, terms 5/10, 1/30. The cost of the merchandise sold was $36,000 Paid $1,500 on account payable Incurred advertising expense of $2,500 for cash 7 Purchase merchandise on account from XYZ company $15.000, terms 4/10, 1/30 10 Sold merchandise inventory for cash $ 22,500. The cost of the merchandise sold was $13,500 13 Received cash from customer billed on 3 Jan in full, less discount. 18 Paid XYZ Company, in full 19 Purchase supplies $5,000 on account 28 Declare and paid a $2,500 cash dividend 30 Paid salaries to employee $2,300 31 Sold old equipment that cost $81,000 when purchased on February 1, 2019 for cash. The equipment had 6 years useful life, no residual value and had been depreciated for $12,375 (until 1 January) was sold for $66,000 Adjustment Data: 1. Depreciation for new equipment. 2. Supplies on hand $10,000 3. Company write off uncollectible account for $2,300 (use direct method) 4. Insurance had expired for 1 month 5. Depreciation is recorded on building on a straight line basis based on 25 year life & residual value of $10.000 (Make adjusting entry for 1 month) Instruction: a. Enter the January 1 balances in the ledger account b. Journalize the January transaction and post to the ledger C. Journalize the adjusting entry and post to the ledger d. Prepare Adjusted Trial balance e. Prepare financial statement