You have decided to go into the business of selling Motorcycles. You have incorporated your business under the name of Miller Corporation

On January 1, 20X1, you begin by depositing $50,000 cash in the

new corporate bank account ? $30,000 of the money is yours and $20,000

is borrowed from your Uncle Mike. For the $30,000, which is yours,

you (as Miller Corporation) issue yourself 300 shares of common

stock. For the $20,000 borrowed from your uncle, you sign a note agr

eeing to pay back that amount on December 31, 20X3 and promise to pay

interest of 8% at the end of each year. In addition to the cash you invested on January 1st, you also invested a piece of land that you own into the business on August 1stthat is worth $60,000 in exchange for 600 more shares of stock.

On January 1, 20X1, you bought 20 Motorcycles for $4,000 each.

During the year, you sold 16 Motorcycles for $8,500 each. You also paid a security deposit of $2,000 (when you rented your office space); advertising expense of $6,000; 12 months rent of $24,000; utilities of $4,000; and Su

pplies of $2,000. You pay the first years interest to Uncle Mike onDecember31,20X1. Your tax rate is 21% of your income before taxes and you pay 50% of these taxes.

Prepare the Journal Entries (including the closing entry), T?accounts, and all four Financial Statements