Use the spreadsheet $(3-$bal$)$ you created by following the videos to answer the following questions

P company starts operations on $2026-01-01$

All of P$\text{'}$s accounts start with balances of $0$

Transactions during $2026$

Issues common stock for $$416976$ cash

Pays $$21046$ to purchases equipment. The equipment has a useful life of $12$ years

Purchases $$61481$ of inventory on a count from a supplier

Sells $$74238$ of merchandise for cash. Record revenue from the sale

Record the cost of revenue for this sale. The cost of the product P sold was $$42422$

Borrows $$46782$ from a bank for $5$ years

The interest rate on the note is $4\%$ and payable annually on July $1$

Received $$38872$ from customer for services it will perform next year

Pays landlord $$11038$ for a year of rent beginning this month

Adjusting entries at the end of the year

Record depreciation expense for the year

Record interest expense from $2026-07-01$ to $2026-12-31$

Record rent expense from $2026-07-01$ to the $2026-12-31$

Closing entries

Record the entry to close all of the income statement accounts to Retained Earnings $($SE$).$

Financial Statements

Prepare all the financial statements $($Income statement, Balance Sheet and Statement of Cash Flows$)$ for the year ending on December $2026$

before the adjusting entries

after the adjusting entries

after the closing entry