Smallville Company was organized on January 1, 2020. It is authorized to issue 120000 shares of $100 par value common stock. At the beginning of April, the ledger of Smallville Company carried the following balances to their respective accounts. Cash-$59000, Merchandise Inventory- $75300, Prepaid Insurance-$5200, 10% Notes Payable-$25000, Equipment-$144000, Accumulated Depreciation: Equipment-$3700, Common Stock-$133000, Paid in capital in excess of par value: Common Stock-$25000, and Retained Earnings-$96800. The following transactions took place in Smallville Company during April of the current year (2020). April 1 - Issued 2400 new shares of common stock for $337000 April 3 - Purchased merchandise of $7900 on account from Prescott Co., terms FOB destination, 2/10, n/30. The appropriate party paid the freight charge of $260. April 4 - Sold merchandise for cash, $82300. The cost of the merchandise sold was $51000. April 5 - Purchased merchandise on account from Stafford Co., $23000, terms FOB shipping point, 2/10, n/30. The appropriate paid the freight charge of $720. April 6 - Returned $520 of merchandise purchased on April 3 from Prescott Co. April 13 - Paid Prescott Co. on account for purchase of April 3. April 15 - Paid Stafford Co. on account for purchase of April 5. April 17 - Purchased merchandise for cash $1700. April 20 - Received refund for poor quality merchandise from supplier on cash purchase $180. (2) Post the April journal entries to the ledger. (Remember, the ledger accounts should start with the beginning balances (if any) (3) Prepare a trial balance on April 30, 2020. Additional Information on Smallville Company: A review of the ledger of Smallville Company at April 30, 2020, produces the following data pertaining to the preparation of monthly adjusting entries. (a) Notes Payable $25000. This balance consists of a note for 6 months at an annual interest rate of 12%, dated January 1, 2020. (b) There are five workers in Smallville Company who are paid wages weekly. The five workers are paid $850 each for a 5-day work week (Monday to Friday). April 30 is a Tuesday and workers are paid on Fridays. (c) Annual depreciation is $12800 on equipment. (d) Physical check reveals inventory actually on hand on April 30, 2020 is $53812.4. (4) Journalize the adjusting entries at April 30, 2020. (5) Prepare an adjusted trial balance. (6) Using the balances from the adjusted trial balance, prepare a multi-step income statement and owners equity statement for the one month ended April 30. (Assume that the company falls under 20% tax bracket).