You have been contacted by Detroit Lions Corporation to assist them with the closeout of their year-end. Their family accountant of 35 years decided that he wanted to start retirement a little early this year. You are inheriting an adjusted trial balance which needs to be properly presented into a set of GAAP financials. Here is what we know: You can assume that all account balances are accurate. This is the first year of operations. You will need to record a tax accrual. Assume a flat tax rate of 25%. The family accountant left you a love note indicating that the company had recently issued 100, shares of $10 par value stock in exchange for a tract of land. No footnote disclosures are needed. No dividends were paid this year. The loss on disposal of asset was the result of an asset being discarded. No cash proceeds were received on this transaction. . You can feel free to add any accounts that you deem necessary. Each financial statement prepared in proper format is worth 5 points. Your job is to complete the above and create a set of GAAP financial statements (yes, this includes a cash flow statement). Remember that your homework assignment must be completely by you and you alone. If any assignments are turned in with any noticeable resemblances to a classmates' assignment, this will result in a record score of 0 points. Good Luck!Detroit Lions Corporation Adjusted Trial Balance March 31, 2021 Debit Credit Cash 150,000 Accounts Receivable 625,000 Product Sales Revenue 11,000,000 Stockholder Loans Payable 60,000 Inventory-Raw Materials 420,000 Inventory-Finished Goods 161,000 Land 47,000 Building & Improvements 403,000 Machinery & Equipment 312,000 Computer Equipment 16,000 Furniture & Fixtures 35,000 Transportation Equipment 101,000 Accounts Payable 600,000 Allowance for Doubtful Accounts 42,000 Accrued payroll taxes 6,500 Accrued Wages 67,000 Income taxes payable Line of credit 600,000 Current portion of LTD 42,000 Contra current portion of LTD 42,000 Common Stock, $5 Par. 100,000 shares authorized. 300,000 Stockholder Loan Receivable 225,000 Retained Earnings Freight Charge Revenue 135,000 Sales Discounts 80,000 Outbound Freight 145,000 Manufacturing Costs 6,800,000 Payroll Wages 2,400,000 Payroll Taxes 175,000 Freight - Inbound 146,000 Waste Disposal 20,000Freight - Inbound 146,000 Waste Disposal 20,000 Subcontract Labor 78,000 Utilities 196,000 Uniform Service Expense 25,892 Interest Revenue 20,000 Equipment Rental 45,883 Insurance 70,125 Health Care Insurance 86,000 Trucking Expense 183,000 Sales Commissions 380,000 Bad Debt Expense 45,000 Notes payable 620,000 Bank Service Charges 23,000 Loss on disposal of assets 55,000 Depreciation Expense 45,000 Dues and Subscriptions 3,600 8,000 shares of Treasury Stock 45,000 Licenses and Permits 13,000 Prepaid expenses 25,000 Disc Ops - Closure of Plant 390,000 Advertising 7,800 Alarm Billing 4,600 Prepaid Insurance 12,000 Repairs and Maintenance 58,000 Telephone 8,000 Travel 45,000 Payroll Processing 3,300 Postage and Delivery 1,300 Accumulated Depreciation 45,000 Professional Fees 95,000 Supplies expense 19,000 6% Preferred Stock, $10 par. 35,000 Property Taxes 72,000 Office Supplies 14,000 Federal Income Tax 13,962,500.00 13,962,500.00