Hawkeye Corporation's balance sheet at December $31,2021,$ is presented as follows.

During $2022,$ the following transactions occurred.

On January $1,2022,$ Hawkeye issued $1,200$ shares of $$40$ par, $7\%$ preferred stock for $$49,200.$

On January $1,2022,$ Hawkeye also issued $900$ shares of the $$10$ par value common stock for $$21,000.$

Hawkeye performed services for $$320,000$ on account.

On April $1,2022,$ Hawkeye collected fees of $$36,000$ in advance for services to be performed from April $1,2022,$ to March

$31,2023.$

Hawkeye collected $$276,000$ from customers on account.

Hawkeye bought $$35,100$ of supplies on account.

Hawkeye paid $$32,200$ on accounts payable.

Hawkeye reacquired $400$ shares of its common stock on June $1,2022,$ for $$28$ per share.

Paid other operating expenses of $$188,200.$

On December $31,2022,$ Hawkeye declared the annual preferred stock dividend and a $$1\mathrm{.}20$ per share dividend on the

outstanding common stock, all payable on January $15,2023.$

An account receivable of $$1,700$ which originated in $2021$ is written off as uncollectible.

Adjustment data:

A count of supplies indicates that $$5,900$ of supplies remain unused at year$-$end.

Recorded revenue from item $4$ above.

The allowance for doubtful accounts should have a balance of $$3,500$ at year end.

Depreciation is recorded on the building on a straight$-$line basis based on a $30-$year life and a salvage value of $$10,000.$

The income tax rate is $30\%.($Hint$.$ Prepare the income statement up to income before income taxes and multiply by $30\%$ to

compute the amount.$)$