Prepare the income statament and balance sheet please provide al calculations

Balance Sheet As of December 31, 2018 ASSETS Current Assets Cash 11.980 Accounts Receivable 20,520 Inventory 317,060 Inventory of Premiums [@$1.10 per premium it 560 Total Current Assets 350,220 Long-Term Assets Investments 66.775 Property, Plant and Equipment (PP8 750,000 Less: Accumulated Depreciation 90,000 660,000 Total Long-Term Assets 726.775 Intangible Assets Trademarks 190,000 Total Assets .266,995 LIABILITIES Current Liabilities Accounts Payable 50,722 Liability for Premiums 650 Interest Payable (on 6% Bonds) 3,000 Total Current Liabilities 54.272 Long-Term Liabilities 6% Bonds Payable (due 2023) 100.000 Unamortized Discount on Bonds Payable -6.732 Total Long-Term Liabilities 93.268 Total Liabilities 147.540 STOCKHOLDERS' EQUITY Common Stock [150,000 shares authorized, par value $1, 130,000 shares issued and outstanding 130,000 Paid-in Capital in Excess of Par - Common St 954,000 Retained Earnings 35,455 Total Stockholders' Equity 1,119,455 Total Liabilities and Stockholders' Equity 1,266,995Item if 1 Trademarks were previously acquired for $200,000 on January 1, 2018. Estimated useful life at the time of acquisition was 20 years. In 2019 there was litigation challenging these trademarks brought by a competitor and GeneralProducts successfully defended these trademarks at a legal cost of $45,000. The new (updated) useful life of the trademarks was estimated to be 25years from the date of acquisition. 2 All sales were on credit and totaled $940,560. COGS totaled $?80,650. 3 Included in the total sales of $940,560were the sales of 6,000 soap powder boxes. As a premium offer to increase soap powder sales, GeneralProducts includes one special coupon with every soap powder box. Customers can redeem 4 coupons to obtain one free premium item, a kitchen utensil. Based on past experience, 60% ofthe coupons are expected to be redeemed by customers. During 2019, 3,400 couponswere actually redeemed. Also in 2019, GeneralProducts purchased an additional 1,000 premiums [kitchen utensil items) (511 $1.10 each on credit to add to its Inventory of Premiums. 4 5year 6% bondswere issued on January 1, 2018, sold toyield 8% interest. Interest is paid semiannually on January 1 and June 30forthese bonds. Maturity value of the bond issue is $100,000 and the issue was sold at a discount of $8,111for an initial carryingvalue of $91,889. The bond indenture indicated that GeneralProducts may later call and redeem these bonds @101 any time afterJune 30, 2019. These bonds were subsequently called and redeemed on September 1, 2019, following the sale of a new 5% bond issue taking advantage of lower interest rates [see Item 5 below). The effectiveinterest method is applied to amortize the discount. 5 Totake advantage of lower interest rates and to finance the call and redemption of the previously issued 6% bonds @1 101 on September 1, 2019, GeneralProductsissued new5% bondswith face value of $100,000toyield 6%. The maturity period of these new 5% bonds is 10years and interest is paid semiannually on January 1 and June 30. The new 5% bonds were issued at a discount of $1438 for an initial carryingvalue of $$92,562 on July 1, 2019. The effectiveinterest method is applied to amortize the discount. 6 Selling and Administrative Expenses excluding noncash itemstotaled $87,345. PP&E is depreciated usingthe straight-line method over 25years of life. 7 Cash collected from customers totaled $906,450. 8 Cash paid to suppliersfor credit purchases totaled $?28,254. 9 Purchases of inventory totaled $689,525. All purchases were on credit. 10 GeneralProducts purchased land for $30,000 in advance of construction of a building and paid in full. Requirements to be completed: Requirement 1 Record the necessary journal entries for 2019. 2 Prepare the Income Statement and Statement of Retained Earnings for the year 2019. 3 Prepare the classified Balance Sheet as of December 31, 2019. 4 Show full calculation work! Please round your calculated answersto the closest dollar and ignore taxes