show calculations (excel)

On October 1, 2018 - ABC sold 1,000 shares of stock (100%) of ABC Co. for $3,500,000. The $3,500,000 was paid directly to ABC in exchange for ABC common stock. The par value of the stock was $1,500/share. ABC Company purchased equipment for $300,000; paying $120,000 cash and financing (through a long-term note) the remaining portion. The interest rate is 5% payable on January 1" of each subsequent year. ABC Company prepaid a year's (12months) worth of insurance. Insurance pre-payment was $96,000. ABC had the following transactions after 10/1/2018: Sold and delivered services for $920,000. $120.000 in cash was paid immediately and the remaining were provided trade credit (not credit card). Terms are 3/10, Net 45. 50% of the customers paid within the discount time frame and the remaining cash did not come in until 2019 Sold and delivered services for $350,000 on credit card with a 3% discount. ABC was given $80,000 in cash for future services. 10% of the services were delivered by year end; and the remaining services will be provided to the client in 2019. ABC paid $25,000 for advertising, ABC paid $20,000 for supplies. Cash was paid for both Paid $80,000 in cash for salaries for 2018. The end of the year was in the middle of the week and the total unpaid salary expense for 2018 was $5,000. This $5,000 will not be paid until first week of 2019. Sold more services for $50,000 in cash. We had to give $10,000 back as a return due to unsatisfactory work of an employee. At year-end, the amount of supplies on-hand was $3,000 The equipment depreciated by $10,000 by year-end. We estimate 1% of credit trade-sales to be uncollectible. The tax rate is 20%. Round all numbers to the nearest dollar. ABC declared and paid a dividend of $3,000. Prepare JEs: a Balance Sheet and Income Statement in good form for the year-ended 12/31/2018