On January 1, 2021, the general ledger of Tripley Company included the following account balances:

Accounts	Debit			Credit
Cash	$	238,000
Accounts receivable		68,000
Allowance for uncollectible accounts				$	33,800
Inventory		32,800
Building		212,800
Accumulated depreciation					38,000
Land		236,600
Accounts payable					160,000
Notes payable (8%, due in 3 years)					204,000
Common stock					110,600
Retained earnings					241,800
Totals	$	788,200		$	788,200

The $32,800 beginning balance of inventory consists of 328 units, each costing $100. During January 2021, the company had the following transactions:

January		2		Lent $48,000 to an employee by accepting a 6% note due in six months.
		5		Purchased 4,900 units of inventory on account for $539,000 ($110 each) with terms 1/10, n/30.
		8		Returned 100 defective units of inventory purchased on January 5.
		15		Sold 4,700 units of inventory on account for $742,600 ($158 each) with terms 2/10, n/30.
		17		Customers returned 200 units sold on January 15. These units were initially purchased by the company on January 5. The units are placed in inventory to be sold in the future.
		20		Received cash from customers on accounts receivable. This amount includes $38,800 from 2020 plus amount receivable on sale of 4,100 units sold on January 15.
		21		Wrote off remaining accounts receivable from 2020.
		24		Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 4,500 units on January 5.
		28		Paid cash for salaries during January, $56,000.
		29		Paid cash for utilities during January, $38,000.
		30		Paid dividends, $5,800.

Month-end adjusting entries:

1. Of the remaining accounts receivable, the company estimates that 10% will not be collected.
2. Accrued interest revenue on notes receivable for January.
3. Accrued interest expense on notes payable for January.
4. Accrued income taxes at the end of January for $7,800.
5. Depreciation on the building, $4,800.

1.)Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)

2.)Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

3.)Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.