Please help complete on part B and revise the problem in Excel. Thank you!

Credit Debit 38,000 1 Journal Entry Solution: 2/1/2020 Cash (2000 x $19) Common Stock Paid in Capital in Excess Common 20,000 18,000 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. 3. 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. 6. The company paid the dividends on December 29, 2020. 7. The company has asked you ate the journal entry to close the income statement accounts (presented in Exhibit 2) on December 31, 2 115,000 5/1/2020 Cash (1000 x $115) Preferred Stock Paid in Capital in Excess Preferred 100,000 15,000 10,500 3 10/1/2020 Cash (500 x $21) Common Stock Paid in Capital Excess Common 5,000 5,500 4 4,400 12/1/2020 Treasury Stock Cash 4,400 Exhibit 2: Kites for You, Inc. Pre-Closing (and Before Equity JEs) Account Balances YE 2020 3,000 5 12/20/2020 Retained Earnings Dividends Payable Preferred 3,000 Credit 6 12/29/2020 Dividend Payable Preferred 3,000 Cash 3,000 1,932 643,970 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 7 12/31/2020 Service Revenue Costs of Goods Sold Salaries & Wages Expense Supplies Expense Insurance Expense Bad Debt Expense Depreciation Expense Interest Expense Income Tax Expense Retained Earnings (To close income statement accounts) 373,503 127,000 2,390 1,990 1,650 6,120 12,656 24,919 93,742 1,355,062 1,355,062 Check Figure for Part A2: Total Ending Assets = $941,153. T-Account Solution: Cash PCE 316,754 Accounts Payable 7,265 PCB Retained Earnings 262,355 PCB Sales Revenue 643,970 PCB Bad Debt Expense PCB 1,650 alaries & Wages Payat 5,290 PCB Cost of Goods Sold PC 373,503 epreciation Expen: PCB 6,120 Common Stock 100,000 PCB Accounts Receivable PCE 193, 191 Dividends Payable alaries & Wage Expens PC 127,000 Interest Expense PCB 12,656 APIC-Common lowance for Doubtful Acoour 1,932 PCB Bank Loan Payable 150,000 PCB Supplies Expense 2,390 ncome Tax Expens PCB 24,919 PC lerchandise Inventor PCE 53,440 Preferred Stock Mortgage Payable 166,400 PCB Insurance Expense 1,990 PC Prepaid Insurance PCE 250 APIC-Preferred Building PCE 240,000 Treasury Stock ccum Deprec-Buildir 17,500 PCB PCE Display Equipment 1,200 A2. Post the Journal Entries, including the Closing Entry, you made in Part A1 to the Cash and Equity Account T-Accounts. The Cash and Common Stock T-Accounts shoy the Pre- Closing Entry, you made in Part A1 to the Cash and Equity Account T-Accounts. The Cash and Common Stock T-Accounts show the Pre- Closing balances listed in Exhibit 2 in Part A1. um Depre-Display E 350 PCB Total Assets = Total Liab + Total Equity