The Built4U Companys trial balance at December 31, 2017, is presented below. All 2017 transactions have been recorded except for the items described as unrecorded transactions.

	debit	credit
Cash	192,000
Account receivable	916,000
notes receivable	200,000
interest receivable	12,000
inventory	598,000
prepaid insurance	72,000
land	400,000
buildings	3,000,000
equipment	1,538,000
patents	162,000
allowance for doubtful account		80,000
accumulated depreciation-building		1,080,000
accumulated depreciation-equipment		696,600
accounts payable		546,000
salaries and wages payable		24,258
employee health insurance benefit payable		10,000
FICA withholding payable		5,0003
Federal income tax withholding payable		4,630
state income tax withholding payable		1,308
federal unemployment tax payable		261
state unemployment tax payable		1,766
unearned rent revenue		100,000
notes payable (due in 2018)		220,000
interest payable		73,800
notes payable (due after 2018)		600,000
6% preferred stock, $100 par value		500,000
common stock, no par, $10 stated value		1,000,000
additional paid-in capital preferred stock		110,000
additional paid-in capital common stock		300,000
additional paid-in capital from treasury stock
treasury stock	36,000
dividend-preferred stock	30,000
dividend-common stock	12,000
retained earnings		200,000
sales revenue		18,280,000
interest revenue		12,000
rent revenue		20,000
gain on disposal of plant assets		13,000
bad debt expense	70,000
cost of goods sold	12,586,000
depreciation expense	339,600
insurance expense	140,000
interest expense	73,800
other operating expenses	1,236,000
amortization expense	18,000
salaries and wages expenses	1,555,888
payroll tax and benefit expenses	691,338
total	23,878,626	23,878,626

Additional information:

-Issued and outstanding preferred stock: 5,000 shares

-Issued common stock: 100,000 shares

-Treasury stock included in above Trial Balance as a cost of $12 per share 3,000 shares

Unrecorded transactions:

1. On May 1, 2017, Built4U issued of 10,000 shares of common stock in exchange for land worth $150,000.

2. On July 1, 2017, Built4U purchased 2,000 shares of treasury stock at $12 per share.

3. On September 31, 2017, Built4U sold 1,000 shares of treasury stock for $13 each.

4. On November 1, 2017, Buldt4U sold 3,000 shares of treasury stock at $11 each.

Instructions:

(a) Prepare journal entries for the transactions listed above as needed. Indicate "No entry needed" where appropriate.

Show your well labeled computations either on the side or a separate tab.

(b) Prepare an updated December 31, 2017, trial balance.

(c) Prepare a 2017 income statement and an owners equity statement.

(d) Prepare a December 31, 2017, classified balance sheet.