Record the following transactions using T-charts:

Then prepare an adjusted trial balance then an income statement using the templates provided:

January 1: TechGadgets Inc. issued 100,000 shares of common stock to raise capital for its operations, receiving $1,000,000 in cash from investors.

January 5: The company purchased a new office building for its headquarters, paying $2,000,000 in cash. The building has an estimated useful life of 30 years and no salvage value.

February 15: The company purchased $300,000 worth of raw materials on account from various suppliers for its production needs.

February 25: The company sold a piece of unused equipment for $20,000, realizing a gain of $5,000 compared to its book value.

March 5: The company sold 5,000 units of its flagship product to customers on account, generating $500,000 in revenue. The cost of goods sold for these units was $100,000.

March 10: TechGadgets Inc. wrote off $15,000 of accounts receivable as bad debt, recognizing a loss due to non-payment by a customer.

March 15: TechGadgets Inc. acquired manufacturing equipment for $500,000 on credit from a supplier. The equipment is expected to have a useful life of 10 years and no salvage value.

April 1: The company received advance payments of $100,000 from customers for tech support services to be provided over the next year.

May 15: TechGadgets Inc. received prepayments of $50,000 for annual software maintenance contracts starting the following month.

June 10: TechGadgets Inc. acquired an additional $200,000 worth of raw materials for manufacturing on account.

July 20: TechGadgets Inc. made a cash sale of 3,000 units of its latest product, realizing $450,000 in revenue. The cost of goods sold was $90,000.

August 1: The company paid $60,000 for a two-year insurance policy, covering potential losses and damages.

September 10: TechGadgets Inc. incurred $30,000 in expenses for a research and development project that will span over the next six months.

October 1: TechGadgets Inc. completed a major software development project for a client but had not yet received the $150,000 payment. The revenue is accrued.

November 15: The company received utility services for the month, amounting to $5,000, but will pay the bill next month.

December 1: TechGadgets Inc. declared a 2% stock dividend, which redistributes shares to existing shareholders but doesn't affect the overall financial position.