Question 1: SRQ Inc. incorporated on January 1, 2022 and has a December 31st fiscal year-end. 1. SRQ Inc. opened its doors on January 1, 2022 with a $3,500,000 equity investment. 2. SRQ Prepaid two years of rental space in the amount of $72,000 on January 1, 2022. 3. SRQ purchased manufacturing equipment for $310,000 on July 1 2022. The equipment was expected to have a useful life of 10 years from the date of purchase and no residual value. 4. Purchases of inventory amounted to $550,000. 5. Operating expenses (excluding rent, salaries and depreciation) amounted to $121,000. 6. Salaries expense amounted to $190,000 for the year. $19,600 of this amount was unpaid at year end. 7. SRQ took out a bank loan on October 1st, 2022 in the amount of $231,000. The loan bears interest at rate of 7.2% per year. No interest had been paid by the end of the year. 8. The company sold 62% of its inventory for $791,000 during the year. $28,500 of sales were still owing at year end. Task 1: Prepare the journal entries to the right on this sheet for the above transactions. Task 2: Prepare the unadjusted trial balance for SRQ Inc. as at December 31, 2022. Task 3: Prepare all required adjusting journal entries. Task 4: By adding the adjusting entries you created in Step 5 to your Trial Balance in Step 4, prepare an adjusted trial balance as at December 31, 2022. Task 5: Prepare an income statement and balance sheet for/as at December 31, 2022. Assume the following facts: SRQ used $9,000 of office supplies during the year. No depreciation has yet been taken on the manufacturing equipment, so you must record it. No interest has yet been recorded on the loan. You must record it. No adjustment has been made for prepaid rent.