The following transactions have taken place in Jan. 2016 for Joseph Schmidt as he established his new online sales business: December 2, 2016 opened his business checking account with exist30,000 borrowed from a local bank. The loan earns interest of 8% stating on Jan. 1, 2016 and continues until it is paid off, an interest only loan. All activities below have taken place in the month of December: 1. Purchased supplies on Jan. 4 for exist1500 of which he only uses 1/2 for the month. 2. Purchased an online software for exist2400 on credit on Jan 4th 3. Purchased an equipment of existexist10,000 for 5 years on Jan 1, 2016. This equipment will depreciated on SYD line basis for 5 years starting on Jan1, 2016 4. The online cash sales totaled exist22,500 for the month of Jan. 2016 5. He purchased a computer for exist3,500 cash on Jan 10th. 6. He hired an assistant and period him a salary of exist2,500 for the month of Jan, 2016 7. He withdrew exist2,000 for his personal use 8. He billed a client for exist4,000 on Jan 15, 2016 9. He paid 1/4 of what he owed on the software Required: Prepare T-Accounts, Prepare Trail Balance, Income statement, Owners Equity Statement and the balance sheet for the company as of December 31, 2016