PROBLEM 1 The general ledger of FastTrack Racing at January 1, 2021, includes the following account balances: Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable Common Stock Debits Credits $42,500 25,800 115,800 15,100 30,500 100,000 38,500 $184.100 $184100 etained Earnings Totals The following is a summary of the transactions for the year: a. Provide services to customers on account, $63,400 b. Provide services to customers for cash, $75,800 c. Collect on accounts receivable, $45,600. d. Issue shares of common stock in exchange for $32,000 cash. e. Purchase supplies on account, $12,700. f. Pay on accounts payable, $11,500. g. Pay salaries for employee work in the current year, S66,200. h. Pay advertising for the current year, $21,500. i. Pay $2,800 cash dividends to stockholders Required: 8. Prepare an income statement for 2021 and a clasified balance sheet as of December 31, 2021. 9. Record closing entries. 10. Prepare a post-closing trial balance