valley jet engines,inc. financial statement preparation

Transactions \begin{tabular}{|c|l|} \hline Jan. 1 & The company issued 100,000 shares of $10 par value common stock to LJ Porter in exchange for three things: $880,000 in cash and equipment valued at $400,000. \\ \hline Jan. 1 & The company prepaid $120,000 in cash for a 24 month insurance policy. \\ \hline Feb. 1 & The company borrowed $140,000 on a 3 -year, 5% installment note payable. The terms of the note require the company to make equal payments of $51,409 each December 31 for 3 years. \\ \hline Mar. 1 & The company provided engine repair services to a customer and received $300,000 in cash. \\ \hline Jul. & The company issued 4%5 year bonds with par value of $500,000. The bonds were issued at 97%. Interest payments are due twice each year on June 30 and December 31. \\ \hline Dec. 31 & The company paid the first interest payment on the bonds issued on July 1. \\ \hline Dec. 31 & The company paid $51,409 for its annual installment on the installment note from above. The cmpany must calculate and record both the principal portion and the interest portion for this payment. \\ \hline Dec. 31 & The company must record a full year of depreciation on the equipment. The equipment has an estimated useful life of 5 years and no salvage value. The company depreciates equipment on a straight-line basis. \\ \hline Dec. 31 & The company declared a $100,000 dividend that is to be paid in cash on February 10 of the next year. The date of record is January 20. Note: The company records dividends in a dividend account which is closed at the end of the year with all other temporary accounts. \\ \hline & \begin{tabular}{l} Adjustments needed: \\ \hline \end{tabular} \\ \hline Thent for 12monthsofinsurancee \end{tabular} Valley Jet Engines, Inc. Financial Statement Preparation Required: Using the information from the adjusted trial balance for Valley Jet Engines, Inc., fill in th appropriate amounts in the financial statements below. Enter amounts only. DO NOT USE \$ (dollar signs) in your answers. Statement of Changes in Stockholders' Equity \begin{tabular}{|l|l|l|} \hline Common Stock & & \\ \hline Paid-in Capital & & \\ \hline Beginning retained earnings & 0 & \\ \hline Add: net income & & \\ \hline Less: dividends & & \\ \hline Ending retained earnings & & \\ \hline Total Stockholders' Equity & & \\ \hline \end{tabular} Balance Sheet \begin{tabular}{|l|l|} \hline Assets: & \\ \hline Cash & \\ \hline Prepaid insurance & \\ \hline Equipment & \\ \hline Accumulated depreciation & \\ \hline & \\ \hline Total Assets & \\ \hline Total Liabilities & \\ \hline Dividends payable & \\ \hline Liabilities: & \\ \hline Notes payable & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Dividends payable Notes payable Bonds payable Discount on bonds payable Total Liabilities Common stock Paid-in capital in excess of par Retained earnings (ending) Total Equity Total Liabilities and Stockholders' Equity