Question 1 (80 points) PLC Incorporated had the following account balances on April 1, 2020: Accumulated Depreciation - Building $5,000 Accounts payable 8,200 Accounts receivable 4,000 Building 150,000 Cash 21,000 Common shares 50,000 Land 85,000 Mortgage payable 100,000 Retained earnings, April 1 96,800 During April, PLC recorded the following transactions: April 1 Collected $500 of amounts owing from customers. 3 Purchased $200 of supplies on account 5 Paid $1000 for a one-year insurance policy. 7 Paid $250 for telephone expenses 12 Performed $10,000 in consulting work on account 14 Incurred $300 of advertising expenses, on account. Received a $2,000 deposit from customers for consulting work to be performed at a 18 later date. 19 Paid $2,200 of the amounts owing for purchases. 22 Paid $1,500 for rent 23 Paid $3,000 for salaries 26 Received $5,000 on amounts owing from customers 30 Paid $200 for income tax. Required (IN PROPER FORMAT): 1. Prepared journal entries for the above transactions. 2. Prepare T-accounts to calculate account balances. 3. Prepare a trial balance for April 30, 2020. 4. Prepare financial statements for April 30, 2020 (Statement of Income, Statement of Changes in Equity, Statement of Financial Position)