PART 1 (35 MARKS) One of the easiest ways to keep track of the transactions for a simple business is to record them in a synoptic format in a spreadsheet. Each row acts like a journal and to record a transaction with a debit as a positive amount and a credit as a negative amount so that the row cross adds to zero, while each column acts like a ledger or T account and represents an account that we can total and then reference into financial statements. In this assignment, we are going to assume that you incorporated a company named ABC Limited on January 1, 2022. The company has operated for the one-month period ending January 31, 2022. The column headings in the synoptic are to be set up as follows: Date Description Cash followed by each statement of financial position account Dividends Sales revenue followed by each statement of income account The following occurs during the month of January 2022: Issued common shares Amount Jan 1 80,000 Jan 1 Jan 1 Received a loan from a friend that is due in 3 years Bought computers on credit 60,000 51,840 Jan 1 Bought furniture on credit 19,200 Jan 1 Paid a 6-month insurance policy in advance 9,600 Jan 4 Performed a service for customer #1 on credit 12,000 Jan 6 Collected half of the amount owed from customer #1 Jan 7 Paid cash for supplies 4,800 Jan 7 Received a deposit from customer #2 16,000 Jan 15 Paid for the furniture Jan 16 Received a deposit from customer #3 32,000 Jan 18 Performed services for customer #2 equal to the deposit Jan 28 Paid wages 20,000 Jan 29 Received a deposit from customer #4 14,000 Jan 29 Paid a dividend 6,800 Jan 29 Paid for half of the computers Jan 30 Work for customer #3 complete but worth in total 36,000 Jan 31 The furniture has a 10-year life Jan 31 The computers have a 3-year life Jan 31 Interest on the loan is 6% payable at end of year Jan 31 One third of the supplies are on hand Jan 31 Jan 31 The company did not receive the January utility bill but estimated it at Some of the benefits relating to insurance have expired 4,400 30% Jan 31 The company has not paid any income tax and the income tax rate is Hand in a hard copy of your assignment (one per team) with a properly formatted multi-step statement of income and statement of changes in equity on page 1 and the statement of financial position on page 2. These statements must have the most detail possible including the use of contra accounts for each type of depreciable asset. Please print the synoptic on page 3 (landscape with gridlines - be sure to make the column widths narrow-use abbreviated account names and try to make the column no wider than the numbers in it). To print efficiently, highlight the area you want printed and then hit CTRL and then P. This will bring up a Print window. Then click on Page Setup at the bottom of the window and on the Page tab, select Portrait and Fit to 1 page. Print the selected area. Also hand in the same document (this will be pages 4-5) but instead of showing the answers, show the formulas for each cell. You can do this by clicking on Formulas and then Show Formulas. Now reprint the financial statements and the synoptic ensuring that formulas appear in cells instead of amounts. Then on pages 6-7 in portrait, place the answer to part 2 of this assignment (see below). On your cover page, please have your team number, and names of each member of the team and print on only one side of the paper - do not use any fancy covers - just stapled pages. On your cover page print the following and have each member of your team sign below it: