solve it

Cash $20,000 Accounts Receivable 30,000 Inventory (8 Struthers @ $5,000 each) 40,000 Prepaid Insurance 1,000 Vehicles 100,000 Accumulated Depreciation-Vehicles 36,000 Equipment 300,000 Accumulated Depreciation-Equipment 150,000 Security D eposits 3,000 Accounts Payable 12,000 Taxes Payable 10,000 Wages Payable 5,000 Rent Payable 2,000 Common Stock (5,000 shares) 50,000 Retained Earnings 229,000 During 2003 the following transactions occurred: Jan 1, Paid all accounts payable for merchandise. Jan 1, Received all accounts receivable. Jan 1, Borrowed $120,000 from bank. Note is repayable $20,000 per year plus interest. The first payment is due on Dec 31, 2003. The interest rate is 10%. Feb 1, Bought 10 more Struthers at $6,000 each, 40% down and the rest payable in one year. Mar 1, Paid 2002 taxes payable. Apr 1, Paid $4,000 for utilities. May 1, Issued 2,000 shares of common stock for $20,000. June 1, Sold 6 Struthers for $20,000 each. Customers pay 70% down and the rest payable in one year. July 1, Purchased 4 Struthers at $7,000 each - same terms. Aug 1, Paid dividend of $2.00 per share. Sept 1, Sold 5 Struthers for $22,000 each - same terms. Nov 1, Purchased two year insurance policy for $3,000. Dec 1, Exchanged 5,000 shares of common stock for a piece of land worth $50,000. Dec 20, Received $20,000 from accounts receivable. Dec 31, Paid first payment on Note Payable-Bank. · During the year the company paid wages of $ 40,000 in cash. At the end of the year they owed wages of $2,000. During the year they paid 14 months rent at $2,000 per month.· Tax rate is 30%. 2003 taxes are to be paid in 2004. · The vehicles were all purchased on the same date and have a total salvage value of $10,000 and are expected to have a useful life of 5 years. · All equipment is expected to last 20 years and have no salvage value. · The company uses FIFO when accounting for inventory. · At December 31, 2003 the stock was selling for $50 per share. Prepare all journal entries necessary to properly reflect the financial activity for the year. Post T-Accounts and prepare financial statements for 2003.