Required: Part 1) Read and analyze each transaction. Post the transactions to T Accounts. (24 Points) HINT!!! You can draw 14 TAccounts, make Cash a little longer, as it has the most transactions. Journal entries are not required, but may be helpful to prepare and submitted if you choose. Please LABEL your transactions in the T Accounts with the appropriate transaction letter (-1) Part 2) Prepare a Trial Balance from your Accounts (10 points) Part 3) Prepare an Income Statement for the year (15 Points) Part 4) Prepare a Statement of Retained Earnings (5 Points) Part 5) Prepare a Balance Sheet (31 Points) You may use the following as a Chart of Accounts to help you in account selection, you may not use them all Cash AR Musk Supplies Equipment Prepaid expenses vehicle AP, Wipes Payable, Unearned Revenue, Lom Payable Common Shock Retained Earnings, Dividends, Consulting Revenue, Rent Expense, Utilities Expense, Wipes Expense Tim and Lori form Rocked Out, Inc during 2020. They perform music consulting services for their famous musicians. Below are transactions that occurred during the year NOTE: AMOUNTS ARE IN THE 000S. HAVE DROPPED THE ZERO'S FOR YOU TO MAKE IT EASIER FOR YOU a) Tim and Lori each contribute $100 to form Rocked Out Inc in exchange for common stock b) Rocked Out performs consulting services for a tomous musician client on account for $70. c) Rocked Out purchases music supplies from a vendor tor $15 on account. The supplies will be used in the next accounting period d) Rocked Out receives a partial payment of $30 from the customer invoiced in th. e) Rocked Out completas consulting services for a second famous musician client totaling $120. Hall of the amount is paid by the client at the time the services are completed the rest is stilled owed to Rocked Out Rocked out pays $6 of the amount owed for supplies purchased in c. Late in the year, Rocked Out gains a new client and receives $75 payment in advance. Rocked Out will perform consulting services for this client in the next accounting period. Rocked Out pays a cash dividend of $9 (total not each to the shareholders. Rocked Out has employees who have worked hard and are owed $70 for their wages. The are paid in the next accounting period. D At the end of the year, Rocked Out pays $35 for rent in advance for a new office space they plan to use in the next accounting period. Rocked Out purchases a new car for $50. They pay 10% cash down payment and finance the rest with a loan Rocked Out pays $2 for utilities during the year