Question 1 Overnight Corporations transactions during January 2021 were as follows: Jan 20 Michael McBryan started the business by depositing $80,000 received from sale of common stock. Jan 21 Purchased land for $52,000 paying cash Jan 22 Purchased a building for $36,000 paying $6,000 in cash and issuing a note payable for the remaining $30,000 Jan 23 Purchased tools and equipment on account $13,800 Jan 24 Sold some of the tools at a price equal to their cost $1,800, collectible within 45 days Jan 26 Received $600 in partial collection of the accounts receivable from the sale of tools. Jan 27 Paid $6,800 in partial payment of an accounts payable. Jan 31 Received $2,200 of sales revenue in cash Jan 31 Paid $1,400 of operating expenses in cash; $200 for utilities and $1,200 for wages Required a. Record the transactions in tabular form b. Prepare an Income statement, owner's (stock holder's) equity statement and Balance sheet c. Comment on the company's profitability, liquidity and solvency. Jan 23 Purchased tools and equipment on account $13,800 Jan 24 Sold some of the tools at a price equal to their cost $1,800, collectible within 45 days Jan 26 Received $600 in partial collection of the accounts receivable from the sale of tools Jan 27 Paid $6,800 in partial payment of an accounts payable. Jan 31 Received $2,200 of sales revenue in cash Jan 31 Paid $1,400 of operating expenses in cash; $200 for utilities and $1,200 for wages Required a. Record the transactions in tabular form b. Prepare an Income statement, owner's (stock holder's) equity statement and Balance sheet c. Comment on the company's profitability, liquidity and solvency d. Record the transactions in T accounts and JOURNALIZE the transactions e. Prepare a Trial Balance