Snowboard Graphics Inc. had the following adjusted trial balance at December 31, 2020, its fiscal year end: Snowboard Graphics Inc. Post-Closing Trial Balance December 31, 2020 Credit Debit 37.547 62,857 4,975 189,627 4,500 157,862 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Equipment Accounts Payable Income Tax Payable Wages Payable Long Term Debt Capital Stock Retained Earnings Total 47 875 37 822 27.987 9,375 37.500 1,000 285,859 452393 452393 were on credit: During the following year the company completed the following transactions: a) It generated product sales of $1,174,372 and service sales of $435,672, all of which b) It acquired $804,622 of product for re-sale c) The company paid $475,555 in wages to its employees d) The company paid its landlord $19,500 in rent, which included rent for the first four months of 2021 at a rate of $1,500 per month; e) The company paid utilities for the year of $26,579 f) The company paid its outstanding taxes g) On September 30th, the company paid $4,500 for nine months interest on its debt: h) The company calculated that it owed $30,157 of Income Taxes at the end of the i) At year end, the company had $56,589 in Accounts Receivable of which it expected not to be able to collect about $6,972. During the year, it had written off $4,378 in bad debts: 1) At the year end, the company had $164,385 is inventory on hand; year. k) Depreciation for the year amounted to $27,694. 1) Accounts Payable at the end of 2021 was $26,972 m) The company had unpaid wages of $6,375 at the end of 2021. Required: 1. Using the Q-T Method, create the appropriate accounts and post all the necessary transactions for the year 2. Prepare a single-step Income Statement and Balance Sheet for the company for the Fiscal Year ended December 31, 2021