The trial balance of Palicio Security Services Inc. as of January $1,2016$ had the following normal balances:Cash $74,210$Accounts receivable $13,500$Supplies $200$Prepaid rent $3,200$Merchandise inventory $(24$ @ $$265$; $1$ @ $$260)6,620$Land $4000$Accounts payable $1,950$Unearned revenue $980$Salaries payable $1,000$Common stock $50,000$Retained earnings $47,800$The following transactions took place during $2016$ for Palicio Security Services:$1.$ Paid the salaries payable from $2015\mathrm{.}2.$ On March $1,2016,$ Palicio established a $$100$ petty cash fund to handle small expenditures$\mathrm{.}3.$ Paid $$4,800$ on May $1,2016,$ for one year's lease on the company van in advance$\mathrm{.}4.$ Paid $$7,200$ on May $2,2016$ for one year's office rent in advance$\mathrm{.}5.$ Purchased $$400$ of supplies on account$\mathrm{.}6.$ Purchased $100$ alarm systems for $$28,000$ cash during the year$\mathrm{.}7.$ Sold $102$ alarm systems for $$57,120.$ All sales were on account.$($Compute cost of goods sold using the FIFO cost flow method$)8.$ Paid $$2,100$ on accounts payable during the year$\mathrm{.}9.$ Replenished the petty cash fund on August $1.$ At this time, the petty cash fund had only $$7$ of currency left. It contained the following receipts: office supplies expense $$23,$ cutting grass $$55,$ and miscellaneous $$14\mathrm{.}10.$ Billed $$52,000$ of monitoring services for the year$\mathrm{.}11.$ Paid installers and other employees a total of $$25,000$ cash for salaries$\mathrm{.}12.$ Collected $$89,300$ of accounts receivable during the year$\mathrm{.}13.$ Paid $$3,600$ of advertising expense during the year$\mathrm{.}14.$ Paid $$2,500$ of utilities expense for the year$\mathrm{.}15.$ Paid a dividend of $$10,000$ to the shareholders. Required:$1.$ Prepare the trial balance as at Dec $31,2016$ for Palicio Security Services Inc$\mathrm{.}2.$ Prepare the income statement, statement of changes in equity and balance sheet for Palicio Security Services Inc.