The following is information for ABC a publicly traded company CondensedBalance Sheet at end of $2021($amounts in thousands$)$ Income Statement for $2021$ Statement of Comprehensive IncomeCurrent Assets $2021$Cash $4,650$ $ Sales $265,320$$ Net Income $48,967$ $ $489672323$Accounts Receivable $18,260$ $ Cost of Goods Sold $148,290$$ Other Comprehensive IncomeInventory $21,275$$ Gross Profit $117,030$$ Unrealized Gain onPrepaid insurance $5,700$ $ $57001900$ AFS Debt Securities $158$ $Total Current Assets $49,885$ $ Wages Expense $23,450$$ Income Tax Effect $(33)$ $Property, Plant and Equipment $311,000$$ Depreciation Expense $15,220$$$ $15220+683$ Total Other Comprehensive Inc $125$Accumulated Depreciation $(103,500)$ $ $103500+1708$ Amortization Expense $1,500$$Patent $36,000$ $ Insurance Expense $767$$ $767+1900$ Comprehensive Income $49,092$ $ $491252323$AFS Debt Securities $2,100$ $ Interest Expense $10,150$$Total Assets $295,485$ $ Other Expense $3,960$$$Current Liabilities Total Expenses $55,047$Accounts Payable $25,212$ $ reduce taxesIncome before Taxes $61,983$$ $619832583$Interest Payable $650$ $ Income Tax Expense $13,016$$ $13016(2583$ x $\mathrm{.}21)=542$Wages Payable $1,085$ $ Net Income $48,967$$ $489672583+542$Unearned Revenue $1,600$ $Total Current Liabilities $28,547$ $ Earnings Per Share $4\mathrm{.}90$$ $489672583+542/10000$Note Payable $114,000$ $Bond Payable in $202230,000$$ Statement of Changes in Stockholders Equity $2021$Equity Common Stock $($$$1$ par, $10,000$ shares is $10,000$$ CS APIC RE AOCIAPIC $20,800$ $ Beginning $10,000$ $ $20,800$$ $47,468$$$ $(422)$Retained Earnings $92,435$ $ $924353608$Total OCI $125$ $Accumulated Other Comprehensive Los $(297)$$ Net Income $48,967$$ $489672323+488$Liabilities and Equity $295,485$$$ Dividends $(4,000)$Ending Balance $10,000$ $ $20,800$$ $92,435$$$ $(297)$Results for $2022$Sales $281,800$$ All sales on creditInventory Purchases on credit $=191,400$ and ending inventory $$56200($you calculate COGS$)$Depreciation expense $16,000$ $ not including assets sold, bought or foundPatent purchased in $2018$ and determined to have remaining useful life of $10$ years in $2022$Wages Expense $27,450$ $ Paid in cash $2,194$ $ additional owed at end of $2022$ this should be the amount in the payableInsurance policy indicates that $$5,700$ was paid in May $2021$ for $24$ month coverage starting May $12021.$During $2022$ found an asset purchased and recorded in $2019$ that had not been depreciated cost $6,830$ no salvage $10$ year useful life $($an error$)$Sold AFS Debt Securities that cost $400$ for $390$ in cash $($$$7$ loss in AOCI recorded previously$)$Sold equipment that cost $3,000$ with accumulated depreciation of $2,590$ for $$300$ in cash.Purchased new equipment costing $$6,975$ with $$2,000$ down payment and $10\%$ note payable on December $1,2021($first payment due January $1,2022)10$ year useful life and no salvageCollections on A$/$R $=278,320$Payments on A$/$P $=176,500$ all accounts payable deal with inventoryAll service agreements sold to customers in $2021$ completed in $2022.$ New service agreements sold for $$2460$ in cash during $202240$ percent of the services providedduring $2022$Bond terms interest only for $6\mathrm{.}5\%$ paid annually on September $1.$ Firm agreement with a bank signed on December $15$ to refinance bond to a $5$ year note in $2023$Note Payable $4$ payments of $$3,300$ made March $30,$ June $30,$ Sept $30$ and December $31$ interest of $8\%$ per year $(2\%$ per quarter$)$Each note payment pays the interest since the last payment with any remaining amount going toward principleFair value of remaining AFS Debt Securities $$1,400$Other InformationTax rate is $21\%$ Half year convention for depreciationRequired:$($unlike $2021$ income taxes have not been paid and need to be recorded$)1.$ Show journal entries or T accounts for results of $2022$ operations$\mathrm{.}2.$ Create an income statement including taxes and required EPS disclosures for $2022\mathrm{.}3.$ Create a statement of comprehensive income for $20224.$ Create a statement of changes in stockholders equity for $20225.$ Create a balance sheet for the end of $2022\mathrm{.}6.$ Create a cash flow statement for $2022$ using the indirect method$\mathrm{.}7.$ Show any necessary disclosures for $2021$ that would be needed if both $2021$ and $2022$ were to be reporte