prepare journal entries, balance sheet, and income statement

On July 1, 2020 - An investor purchased 100,000 shares of stock (100%) of ABC Co. for $3,500,000. The 3,500,000 was paid directly to ABC in exchange for common stock. ABC prepaid a year's rent for $96,000. ABC Company purchased equipment for $240,000: paying $40,000 cash and financing (through a long-term note) the remaining portion. The interest rate is 10%. None of the interest nor principal will be paid by ABC in the current year. Depreciation expense by year-end amounted to 80,000. ABC had the following transactions after 7/1: Sold completed services for $920,000. $20,000 in cash was received immediately; 60% of the balance was received prior to year-end. 40% of the balance will be received in 2021 ABC was given $200,000 deposit of cash for future services. 60% of the services were completed by year-end. The remaining services are to be provided to the client in 2021. ABC paid $55,000 for advertising that will be aired immediately after payment. ABC purchased $50,000 for supplies (asset account) on account. ABC counted supplies at year- end and determined that the ending balance of supplies that remained equaled $10,000. ABC paid % of the liability by year-end. Paid $80,000 in cash for salaries for 2020. The end of the year was in the middle of the week and the total unpaid salary expense for 2020 was $10,000 (will be paid in 2021). ABC paid a dividend of $10,000 at the end of the year. The tax rate is 20%. Round all numbers to the nearest dollar. Prepare JE's; a Balance Sheet, and Income Statement (in good form). Do not prepare closing entries