Paul around for the first year as he starts his guitar store called Paul's Guitar Shop, Inc. The company engaged in following transactions: 1 - Paul forms the corporation by purchasing 10,000 shares of \$1 par stock. 2 -- Paul finds a nice retail storefront in the local mall and signs a lease for $500 a month. 3 -- PGS takes out a bank loan to renovate the new store location for $100,000 and agrees to pay $1,000 a month. He spends all of the money on improving and updating the store's fixtures and looks. 4 - PGS purchases $50,000 worth of inventory to sell to customers on account with its vendors. He agrees to pay $1,000 a month. 5 -- PGS's first rent payment is due. 6 - PGS pays electric bill for $200. 7 -- PGS purchases supplies to use around the store. 8 -- Paul is getting so busy that he decides to hire an employee for $500 a week. Pay makes his first payroll payment. 9-- PGS's first vendor inventory payment is due of $1,000. 10 -- In lieu of paying himself, Paul decides to declare a $1,000 dividend for the year Prerape 1. Record the transactions in the T accounts. Key each transaction to the letter that identifies the transaction. 2. Prepare a trial balance for first year. 3. Prepare an income statement for month ending first year. 4. Prepare a balance sheet as of first year