[SOLVED] The Umbro Company, which is a fitness

The Umbro Company, which is a fitness center, was formed on January 2 of the current year. Transactions completed during the first year of operation are presented below. January 2: Issued 900,000 shares of common stock for $15,000,000, which is the par value of the stock. January 10: Acquired equipment in exchange for $2,500,000 cash and a $6,000,000 note payable. The note is due in 10 years. February 1: Paid $36,000 for a business insurance policy covering the two-year period beginning on February 1. February 22: Purchased $930,000 of supplies on account. March 1: Paid wages of $194,600. March 23: Billed $2,820,000 for services rendered on account. April 1: Paid $130,000 of the amount due on the supplies purchased on February 22. April 17: Collected $190,000 of the outstanding accounts receivable. May 1: Paid wages of $209,400. May 8: Received bill and paid $96,700 for utilities. May 24: Paid $45,500 for sales commissions. June 1: Made the first payment on the note issued on January 10. The payment consisted of $50,000 of interest and $210,000 to be applied against the principal of the note. June 16: Billed customers for $680,000 of services rendered. June 30: Collected $450,000 on accounts receivable. July 10: Purchased $166,000 of supplies on account. Aug 25: Paid $150,000 for administrative expenses. Sept 23: Paid $35,000 for warehouse repairs. October 1: Paid wages of $100,000. Nov 20: Purchased supplies for $45,000 with cash. Dec 15: Collected $134,700 in advance for services to be provided in December and January of the following year. Dec 30: Declared and paid a $50,000 dividend to shareholders. The chart of accounts used by the Umbro Company follows:

a. Journalize the transactions for the year. b. Post the journal entries to t-accounts. c. Prepare an unadjusted trial balance as of December 31. d. Journalize and post adjusting entries to t-accounts based on the following additional information. i. Eleven months of the insurance policy expired by the end of the year. ii. Depreciation for the equipment is $420,000. iii. The company provided a portion of the services related to the advance collection of December 15. The company recognized $72,000 as service revenue for services performed. iv. There are $501,000 of supplies on hand at the end of the year. v. An additional $172,000 of interest has accrued on the note by the end of the year. vi. Umbro accrued wages in the amount of $240,000. e. Prepare an adjusted trial balance as of December 31. f. Prepare a single-step income statement and statement of stockholdersâ€™ equity for the current year and a classified balance sheet as of the end of the year. g. Journalize and post-closing entries. h. Prepare a post-closing trial balance as of December 31.

Question: The Umbro Company, which is a fitness