The following transactions are for a new start-up company called Crazy: 1) Record these entries informally. Make sure all originating and adjusting entries are shown. Prepare a multiple step Income Statement, Comprehensive Income Statement, and Balance Sheet in good form. Closing entries are required! Assume cash transaction unless otherwise noted. 1/1 1/1 2/7 3/1 An Investor acquired 100% of Crazy's stock with an investment of $1,400,000 cash. Par value of stock was 8.00/share and two thousand shares were issued Prepaid rent for $144,000 for the next 18 months. 1/15 Purchased with cash-office equipment for $240,000 and supplies for $50,000 Received $650,000 cash for consulting services to be performed in the future Created second division (will be disposed of later). Sold and delivered consulting services worth $200,000; Paid $250,000 worth of expenses. The business bought assets for $100,000. Depreciation taken on asset was $10,000. At the end of the year the division (which included the asset) was sold for $20,000. There were no other transactions related to the discontinued operation. Prepaid $96,000 for a 12-month insurance policy (starting on 8/1), 8/1 8/1 Crazy borrowed $700,000 cash by issuing a 3-year note with a stated interest rate of 9% per year. To be compounded annually. The interest will be paid on January 1 of each subsequent year; and the principal will be paid on the maturity date 9/12 Purchased $30,000 more of supplies on credit 9/16 Provided consulting services of $1,060,000 on credit. 10/1 Purchased $200,000 of an investment in another company's bonds. Purchased $100,000 worth of another company's stock. 10/20 Collected $520,000 from 9/16 customer. Received $350,000 in cash for future services. 12/15 Paid our (9/12) creditors $10,000. Performed services equal to $300,000 for customer who prepaid (10/20) 12/31 Counted supplies and determined that $6,000 of supplies were still on hand 12/31 Salaries are to be paid on 1/3/x2. The total amount of current year expense is $550,000. The amount unpaid related to this amount at year-end is $50,000. 12/31 Determined appropriate total depreciation is $20,000 12/31 Determined that the stock purchased on 10/1 was now worth $180,000. Determined the bond was worth $102,000. Neither were sold. We received cash of $1,000 for interest from bond; and cash of $2,000 in dividends. 12/31 We declared and paid a dividend of $44,000 to our investor Tax Rate is 21% (none of the tax is paid, but it is accrued as a liability) I 1. Prepare JEs and Adjusting and Closing JEs. Prepare Income Statement (including OCI) and a Balance Sheet in good form for 12/31/2021. Use Excel and formulas, where appropriate.