These are the balances at 12/31/19. All accounts have normal balances: The following events occurred in 2020 : 1. Borrowed $150,000 from the First Union Bank on January 1, 2020. The 5-year note carries an annual rate of 6% and requires annual payments of $35,609 to be made each year on December 31st. 2. Provided $179,000 of services on account throughout the year. 3. Collected $158,000 from accounts receivable during the year. 4. On July 1st the company purchased with cash a piece of equipment for $300,000. The equipment has an estimated salvage value of $16,000 and an estimated life of 8 years. The company uses the straight-line method of depreciation. 5. Wrote-off an uncollectible account of $650. 6. On December 31st the company made the first payment on the note in cash. 7. The company uses the allowance method of accounting for uncollectible accounts. They estimated their uncollectible accounts to be 4% of accounts receivable. 8. The company made the interest payment on the bond. The 10-year bond was issued on 1/1/2019 at 97 . The stated rate of the bond is 7% and the effective rate is 7.436%. Annual interest payments are due on December 31st each year. 9. The company recorded the depreciation expense for 2020. Required: 1. Record each transaction and necessary adjustments in general journal format or in taccounts. 2. Prepare an income statement for 2020 , in good form. 3. Prepare a statement of changes in equity for 2020 , in good form. 4. Prepare a balance sheet at 12/31/20, in good form. 5. The net cash flow from operating activities for 2020 is $. Provide the answer to this question on a separate sheet in the excel file and name that sheet "Cash Flow". These are the balances at 12/31/19. All accounts have normal balances: The following events occurred in 2020 : 1. Borrowed $150,000 from the First Union Bank on January 1, 2020. The 5-year note carries an annual rate of 6% and requires annual payments of $35,609 to be made each year on December 31st. 2. Provided $179,000 of services on account throughout the year. 3. Collected $158,000 from accounts receivable during the year. 4. On July 1st the company purchased with cash a piece of equipment for $300,000. The equipment has an estimated salvage value of $16,000 and an estimated life of 8 years. The company uses the straight-line method of depreciation. 5. Wrote-off an uncollectible account of $650. 6. On December 31st the company made the first payment on the note in cash. 7. The company uses the allowance method of accounting for uncollectible accounts. They estimated their uncollectible accounts to be 4% of accounts receivable. 8. The company made the interest payment on the bond. The 10-year bond was issued on 1/1/2019 at 97 . The stated rate of the bond is 7% and the effective rate is 7.436%. Annual interest payments are due on December 31st each year. 9. The company recorded the depreciation expense for 2020. Required: 1. Record each transaction and necessary adjustments in general journal format or in taccounts. 2. Prepare an income statement for 2020 , in good form. 3. Prepare a statement of changes in equity for 2020 , in good form. 4. Prepare a balance sheet at 12/31/20, in good form. 5. The net cash flow from operating activities for 2020 is $. Provide the answer to this question on a separate sheet in the excel file and name that sheet "Cash Flow