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SMC, Inc. Balance Sheet December 31, 2022 SMC, Inc. Income Statement For the Year Ended December 31,2022 SMC, Inc. Post-Closing Trial Balance December 31, 2022 You are also given the following information that summarizes the business activity for the current year,2023 a. Issued 10,000 additional shares of common stock for $60,000 cash on January 1 st. b. Borrowed $75,000 on March 1, 2023, from Downtown Bank as a long-term loan. The interest rate on the loan is 5% and Interest for the year is payable on January 1, 2024. c. Paid $12,000 cash on April1 to lease a building for one year. d. Received $6,000 on May 1 from a tenant for one year's rent. e. Paid $4,200 on June 1 for a one-year insurance policy. f. Purchased $3,700 of supplies for cash on June 15 th. g. Purchased inventory for $125,000 on account on July 1. h. August 1, sold inventory for $185,000 on account; cost of the merchandise sold was $120,000. i. Collected $145,000 cash from customers' accounts receivable on August 20 th. j. September 1, Paid $95,000 cash for inventories purchased earlier during the year. k. September 20 paid $34,000 for sales reps'salaries, including $1,000 owed at the beginning of 2023. l. Dlvidendsfor $9,500 were paid on October 20 th. m. The income taxes payable for the year of 2022 were paid on November 15 th. n. For adjustingentries, all prepaid expenses are initially recorded as assets, and all unearned revenues are initially recorded as liabilities (this is justinformational). o. At year-end, $1,050 worth of supplies are on hand. p. At year-end, an additional $9,500 of sales salaries are owed, but have not yet been paid. q. Prepare an adjusting entry to recognize the taxes owed for 2023 . The corporate tax rate is 21% of the income before income taxes. You are asked to do the following on an excel spreadsheet: 1. Journalize the transactions for the current year, 2023, using the chart of accounts listed on the excel spreadsheet provided for the project. 2. Set up T-accounts and enter the beginning balances from the December 31,2022, post-closing trial balance for SMC. Post all current year journal entries to the T-accounts. 3. Journalize and post any necessary adjusting entries at the end of 2023. (Hint: Items b, c, d, e, o, p, and q require adjustment.) 4. After the adjusting entries are posted, prepare an adjusted trial balance, an income statement, statement of retained earnings and a balance sheet for 2023. The format of your statements should mirror those prepared by the company in 2022. 5. Journalize and post-closing entries for 2023 and prepare a post-closing trial balance. 6. Compute the Current Ratio and Debt to Total Asset Ratio for 2022 and 2023 7. Interpretive Question: What is your overall assessment of the financial health of SMC,Inc.? Use the Word Document provided to answer this