UVW Ltd. has the following transactions for December 2023:

Date	Transaction
December 1	Purchased equipment on account for $22,000.
December 5	Sold goods costing $11,000 for $17,000 on account.
December 10	Paid $1,100 for insurance.
December 15	Collected $8,000 from customers on account.
December 20	Paid suppliers $9,000.
December 25	Declared and paid dividends of $1,800.

Requirements:

1. Journalize the transactions.
2. Post the journal entries to the general ledger.
3. Prepare a trial balance as of December 31, 2023.
4. Prepare an income statement for December 2023.
5. Discuss the significance of insurance expenses on the overall expenses of the company.