The general ledger of FastTrack Racing at January 1,2021 , includes the following account balances: The following is a summary of the transactions for the year: a. Provide services to customers on account, $63,400. b. Provide services to customers for cash, $75,800. c. Collect on accounts receivable, $45,600. Fast Track Racing Income Statement For the vear ended December 31.2021 Answer: The following is a summary of the transactions for the year: a. Provide services to customers on account, $63,400. b. Provide services to customers for cash, $75,800. c. Collect on accounts receivable, $45,600. d. Issue shares of common stock in exchange for $32,000 cash. e. Purchase supplies on account, $12,700. f. Pay on accounts payable, $11,500. g. Pay salaries for employee work in the current year, $66,200. h. Pay advertising for the current year, $21,500. i. Pay $2,800 cash dividends to stockholders. Required: 1. Set up the necessary T-accounts and enter the beginning balances from the trial balance. In addition to the accounts shown, the company also has accounts for Supplies, Salaries Payable, Interest Payable, Dividends, Service Revenue, Salaries Expense, Advertising Expense, Interest Expense, and Supplies Expense. 2. Post the transactions to the T-accounts. 4. Prepare an income statement for 2021 and a classified balance sheet as of December 31, 2021