Please complete the journal entries in excel and correct any errors visible in the sheet attached. Thank you!

1 2/1/2020 Cash Common Equity Paid in Capital 2 Background Information: Kites for You, Inc. has become a very successful company. During the year ending 2020, they completed the equity transactions listed below in Exhibit 1. The account balances in Exhibit 2 are Pre-Closing amounts for Year-End December 31, 2020 balances and, DO NOT INCLUDE any of the transactions 1 through 6 listed in Exhibit 1. You will update the cash and Equity T-Account Balances in Part A2, when you post your Journal Entries. (8 points) 5/1/2020 Cash Preferred Stock Paid in Capital 3 10/1/2020 Cash Common Stock Paid in Capital Excess A1. Prepare the Journal Entries for the items listed below in Exhibit 1. Be sure to date your entries. You do not need to provide 4 12/1/2020 Treasury Stock Paid in Capital Shareholder Common Stock 5 12/20/2020 Retained Earnings Preferred Dividend 6 12/29/2020 Dividend Payable Bank Dividend Paid Exhibit 1: 1. On February 1, the company issued 2,000 shares of their $10 PAR value Common Stock for $19 per share. 2. On May 1, the company issued 1,000 shares of 3% Cumulative Preferred Stock for $115 per share. The PAR value of this preferred Stock is $100 per share. B. On October 1, the company issued an additional 500 shares of their $10 PAR value Common Stock for $21 per share. 4. On December 1, the company decided to purchase 200 shares of its Common Stock from shareholders to be held in treasury for Employee Bonuses. The company uses the Cost Method to account for Treasury Stock. They paid $22 per share for the stock. 5. On December 20, the company declared a Preferred Dividend that totaled $3,000. 5. The company paid the dividends on December 29, 2020. 7. The company has asked you to create the journal entry to close the income statement accounts (presented in Exhibit 2) on December 31, 2020. 7 12/31/2020 Exhibit 2: Kites for You, Inc. Pre-Closing (and Before Equity JES) Account balances YE 2020 Credit 1,932 17,500 Debit Cash 316,754 Accounts Receivable 193,191 Allowance for Doubtful Accounts Merchandise Inventory 53,440 Prepaid Insurance 250 Building 240,000 Accumulated Depreciation--Building Display Equipment 1,200 Accumulated Depreciation--Display Equipment Accounts Payable Salaries and Wages Payable Bank Loan Payable Mortgage Note Payable Common Stock (10,000 shares issued at PAR value) Retained Earnings Sales Revenue Cost of Goods Sold 373,503 Salaries & Wages Expense 127,000 Supplies Expense 2,390 Insurance Expense 1,990 Bad Debt Expense 1,650 Depreciation Expense 6,120 Interest Expense 12,656 Income Tax Expense 24,919 350 7,265 5,290 150,000 166,400 100,000 262,355 643,970 1,355,062 1,355,062