Transactions XYZ Ltd. is a retailer following the perpetual inventory method. Assume that there are no credit transactions and all amounts are settled in cash. The following information for XYZ Ltd. for the month of December 2021 are provided below: 1.-3. Journalize each of the transactions by following FIFO cost flow assumption. 4. After applying aging schedule XYZ calculated end of the year doubtful accounts as \$ 12.500. 5. The equipment has no salvage value and a useful life of 5 years. The equipment was purchased at January 1 , 2019 . There has been no adjustment to account for depreciation for the current year of 2021. XYZ LTD applies straight-line method for the equipment. After adjusting the depreciation, XYZ LTD sold the equipment with sales price of $50,000 in cash. The building has a useful life of 50 years with no salvage value. Building was purchased at January 1,2019 . There has been no adjustment to account for depreciation for the current year of 2021. XYZ LTD applies straight-line method for the building. 6. XYZ LTD borrowed an $100,000,8%, 10-year financial debt at December 31,2019 with equal annual payments. Journalize the second installment payment occurred at December 31, 2021. After payment, reclassify total financial debt as short-term and long-term and adjust the accounts. 7. Easy LTD paid \$12,000 to its insurance company for the next 12 months at December 31, 2021 . 8. On December 1, XYZ LTD purchased a 40\% equity in ABC Company for $20,000. At December 31, ABC reported total net income of $20,000 and declared and paid a $5,000 cash dividend in total. 9. Calculate provision for corporate tax expense by assuming 20% corporate tax rate. Required: a) Open ledger accounts and journalize the transactions. (54\%) b) Prepare adjusted trial balance and multiple-step income statement for the period ended December 31, 2021. (8\%) c) Prepare a classified statement of financial position as of December 31, 2021. (8\%) Transactions XYZ Ltd. is a retailer following the perpetual inventory method. Assume that there are no credit transactions and all amounts are settled in cash. The following information for XYZ Ltd. for the month of December 2021 are provided below: 1.-3. Journalize each of the transactions by following FIFO cost flow assumption. 4. After applying aging schedule XYZ calculated end of the year doubtful accounts as \$ 12.500. 5. The equipment has no salvage value and a useful life of 5 years. The equipment was purchased at January 1 , 2019 . There has been no adjustment to account for depreciation for the current year of 2021. XYZ LTD applies straight-line method for the equipment. After adjusting the depreciation, XYZ LTD sold the equipment with sales price of $50,000 in cash. The building has a useful life of 50 years with no salvage value. Building was purchased at January 1,2019 . There has been no adjustment to account for depreciation for the current year of 2021. XYZ LTD applies straight-line method for the building. 6. XYZ LTD borrowed an $100,000,8%, 10-year financial debt at December 31,2019 with equal annual payments. Journalize the second installment payment occurred at December 31, 2021. After payment, reclassify total financial debt as short-term and long-term and adjust the accounts. 7. Easy LTD paid \$12,000 to its insurance company for the next 12 months at December 31, 2021 . 8. On December 1, XYZ LTD purchased a 40\% equity in ABC Company for $20,000. At December 31, ABC reported total net income of $20,000 and declared and paid a $5,000 cash dividend in total. 9. Calculate provision for corporate tax expense by assuming 20% corporate tax rate. Required: a) Open ledger accounts and journalize the transactions. (54\%) b) Prepare adjusted trial balance and multiple-step income statement for the period ended December 31, 2021. (8\%) c) Prepare a classified statement of financial position as of December 31, 2021. (8\%)