PLEASE PROVIDE JOURNAL ENTRIES, ADJUSTING ENTRIES, ADJUSTED TRIAL BALANCE, INCOME STATEMENT, RETAINED EARNINGS, AND BALANCE SHEET. tHANK YOU.

Sheffield Corp.'s balance sheet at December 31, 2016, is presented below. SHEFFIELD CORP. Balance Sheet December 31,2016 $26,500 $26,000 Cash Accounts payable Accounts receivable Common stock ($10 par) 45,500 85,000 Retained earnings Allowance for doubtful accounts (1,700) 121,667 Supplies 4,700 40,500 Land Buildings 138,000 Accumulated depreciation-buildings (20,833) $232.667 $232,667 During 2017, the following transactions occurred. On January 1, 2017, Sheffield issued 1,100 shares of $45 par, 8% preferred stock for $50,600. 1. 2. On January 1, 2017, Sheffield also issued 820 shares of the $12 par value common stock for $20,000. Sheffield performed services for $338,000 on account. 3. On April 1, 2017, Sheffield collected fees of $38.000 in advance for services to be performed from April 1, 2017, to March 31, 2018. 4. Sheffield collected $278,000 from customers on account. 5. Sheffield bought $35,500 of supplies on account. 6. 7. Sheffield paid $31,500 on accounts payable. Sheffield reacquired 440 shares of its common stock on June 1, 2017, for $26 per share. Paid other operating expenses of $184,000. 8. 9. On December 31, 2017, Sheffield declared the annual preferred stock dividend and a $1.10 per share dividend on the outstanding common stock, all payable on January 15, 2018. 10. An account receivable of $1,500 which originated in 2016 is written off as uncollectible. 11. Adjustment data: 1 Acount of supplies indicates that $5,800 of supplies remain unused t year-end. 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $3,500 at year end. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $13,000. 4. 5 The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.)