Please help me with the following questions. Thank you.

Innovative Design Corporation (IDC) is a merchandizing company that specializes in motor vehicles. The company was formally established on June 1\" , 2017 by issuing shares to investors. Inventory of IDC is accounted for by specific identification, perpetual inventory system. Straight-line depreciation is used for all the plant assets. Useful lifes for building, furniture and fittings and motor vehicle are 30 years, 15 years and 10 years respectively. No residual value is expected. IDC records a full month's depreciation in the month of acquisition, and no depreciation in the month of disposal. Financial statements of IDC are prepared for each month. The post-closing trial balance of IDC as at July 31\Motor Vehicle 1,800,000 Accumulated Depreciation - Motor Vehicle 150,000 Furniture and Fittings 1,530,000 Accumulated Depreciation - Furniture and Fittings 34,000 Accounts Payable 18,848,500 Notes Payable (repayable Dec 31, 2018) 1,050,000 Dividends Payable 1,200,000 Office Salaries Payable 710,000 Wages Payable 689,000 Utilities Payable 132,000 Interest Payable 12,250 Share Capital - Preference, 6%, $100 par value, 200,000 authorized, issued and outstanding 20,000,000 Share Capital - Ordinary, $1 par, 20,000,000 shares authorized, 1,024,500 shares issued and outstanding 10,245,000 Share Premium - Preference 7,528,000 Share Premium - Ordinary 16,308,329Accumulated Depreciation - Motor Vehicle 150,000 Furniture and Fittings 1,530,000 Accumulated Depreciation - Furniture and Fittings 34,000 Accounts Payable 18,848,500 Notes Payable (repayable Dec 31, 2018) 1,050,000 Dividends Payable 1,200,000 Office Salaries Payable 710,000 Wages Payable 689,000 Utilities Payable 132,000 Interest Payable 12,250 Share Capital - Preference, 6%, $100 par value, 200,000 authorized, issued and outstanding 20,000,000 Share Capital - Ordinary, $1 par, 20,000,000 shares authorized, 1,024,500 shares issued and outstanding 10,245,000 Share Premium - Preference 7,528,000 Share Premium - Ordinary 16,308,329 Retained Earnings 6,274,057 84,600,580 84,600,580The following transactions took place in August 2018: 1. 10. 13. Purchased 25 X-class family cars from Bercedez-Menz. Catalogue price is $260,000 per car, trade discounts are 5% for orders over 10 and 8% for orders over 20. Terms: 2/15, n/30. . Paid office salaries, wages, and utilities, accrued last month, for $680,000, $650,000 and $132,000 respectively. Received payment from SpeedyDelivery for the 10 Yotoya MPVs (M ulti-purpose Vehicles) sold on June 20th. The sales invoice amount was $5,984,000 under terms 1/5, n/ZO. Each of these MPVs cost IDC $428,000. . Sold 20 green energy Donha trucks to SpeedyDelivery at $185,000 each. SpeedyDelivery paid 50% in cash and the rest in a 3-month 4% note. Both interest and principal will be paid when the note gets due. Cost of each truck to IDC was $100,800. . IDC has 6 motor vehicles in use, each costing $300,000. Four were acquired when the company was first established and the other two were acquired 6 months later. As the sole agent for Bercedez-Menz in Hong Kong, IDC is provided a priority to buy its latest green energy luxury model at a cash price of $788,800 (expected retail price $1,088,800, limited to 1 carfor each agent), plus one used motor vehicle of any brand name. In order to build up IDC's image in being an advocate for environmentally friendly vehicles, the CEO decides to take the offer and replace one of the oldest vehicles. The cash price is satisfied by $288,800 in cash and a 3-month bank loan at 2.5%. . Paid annual comprehensive insurance of $154,000 for August 2018 to July 2019. The insurance company offered an extension of the coverage from 1 year to 14 months covering August 1\16. Paid the delivery charge of the sales on the 10th to Quick Trans, $162,000 and purchased supplies of $5,800 on account. 20 606060, an overseas customer that provides limousine services, reported that one of the luxury family cars bought last month was ofwrong color. After negotiation, it was agreed that IDC would provide an allowance of $20,000. GoGoGo has not paid for the cars yet. 21 Paid the accrued dividends for preference shares. 25. Received bills for electricity, water and gas, totaled at $118,000 (use a separate payable account). Received payment for the 5 Xclass Bercedez-Menz cars sold earlier this month. 28. Accrued salaries and wages for the month are $720,600 and $650,400 respectively. 28 The prepaid rent was for a showroom in Shanghai, covering 12 months starting from December 1St last year 31 The notes payable in the trial balance as atJuly 31St is a one year 2% note. Interest and principal will be paid when the note gets due. 31 Physical inventory shows that the supplies on hand were $9,200. In addition to the accounts used in the Trial Balance, Innovative Design Corporation also uses the following accounts: Cost of Goods Sold Office Salaries Expense Freight Out Expense Prepaid Insurance Depreciation Expense - Building Prepaid Rent Depreciation Expense - Motor Vehicle Rent Expense Depreciation Expense - Furniture and Fittings Sales Discounts Gain on Disposal Sales Returns & Allowances Interest Expense Short-term Bank Loan Interest Receivable Supplies Expense Interest Revenue Utilities Expense Notes Receivable Wages Expense Required: 1. Journalize, in general journal, all August transactions, including ALL necessary adjustments (no need to provide short explanations and round your answers to the nearest dollar). (17 mark) 2. Prepare an income statement for the month ended August 31St for the month ended August 31\". 2018. (23 mark) , 2018, and a retained earnings statement