You had an existing business in your own nameand decided to convert to QuickBooks as of January 1, 2018. Below is your balance sheetas of January 1, 2018 Cash in Bank $100,000 Accounts Receivable $25,000 Supplies 7000 Prepaid Insurance 10500 Land 188000 Truck 10000 Building 157000 Accumulated Depreciation- Truck 3000 Accumulated Depreciation- Building 5000 Unearned revenue 10000 Accounts Payable 95000 Loan Payable- Citi-Bank 148800 Owners Equity 235700 $497,500 $497,500 You are in the computer resale business.You have one vendor, IBM. andone customer, the People Consulting Inc. as of January 1, 2018. The account payable balance on the Balance Sheet is due to your only vendor, IBM. The accounts receivable balance on the Balance Sheet is due from your only customer People Consulting Inc. February transactions On February10, 2018,you purchased 250 monitors, 250 hard drive, 157printers and157 laptop from IBM, your only vendor.The unitcost of the monitor is$190, hard drive, $290, printer, $75.00 and the laptop, $450. You issued your purchase order for the above products on February10, 2018. You received the products on February12, 2018 with the bill or invoice. The monitors unitselling price was$275; hard drive, $595; printers, $150; laptop, $750.00 respectively. February15, the Accounts payable balance as of January 1, 2018,was paid in full to IBM, the only vendor. February 20, People Consulting paid you the Outstanding Accounts receivable that was due on January 1, 2018. On February28, 2018, you sold 50 monitors, hard drives, laptops,and printers respectively to People Consulting Inc. You invoiced People and delivered the products the same day. The terms, 2/10 net 30. The Sales tax rate was 9.5%. March5, People Consulting Inc.paid you and took the discount.You received the check and made the deposit. March 6, you paid your vendor, IBM,in full for the February10, purchase. (The bank allowed your account to be overdrafted) March 3 , James Adams ordered 50 of each products respectively from IBM computers and received them the next day. March 5, James Adams sold and delivered 100 of each product to People Consulting Inc. on acredit basis. March 12, James Adams received payments in full from the People Consulting Inc..less any discount. March28,you paid all salestax due to the Board of equalization at 9.5%. Required: 1.Set upthe new company in your name as of January 1, 2018 in Quick Books. and make the necessary adjustments to the Equity accounts as ofJanuary 31, 2018. 2.Process all the aforementioned transactions. 3.Generate the following reports as of March 31,2018. a.Balance Sheet (Eliminate all zeros) b.Income Statement (Eliminate all zeros) c.Detail Inventory Valuation Report d.Customer Detail Balance Report e.Vendor Detail Balance Report. Use any address for the customer, vendor etc.You may fill-in necessary except for the figures.