On February 1, 2017, a new software development firm engaged inan initial public offering in which it raised $495,000 in capitaland issued 30,000 shares of $1 par value common stock. On March 1,the firm purchased a small building to locate its operations, bypaying 20% of the $300,000 purchase price and financing the balancewith a note payable. The firm accrues interest on the note at theend of each quarter at a rate of 5%, and pays interest on the firstday of the next quarter. The firm depreciates the building at theend of the reporting period using straight-line depreciation. Theestimated salvage value is 50,000 and the estimated useful life ofthe building is 30 years. On March 5, the firm purchases anotherdevelopment company for $60,000, acquiring a new software patentvalued at 100,000, accounts payable of $10,000, and compensationpayable of $30,000. On April 1, the firm sells software on account,amounting to $62,500. The customer pays the firm $62,500 on April30. The firm hires a new coder at an annual salary of $160,000 onJuly 1, 2017. The firm pays the coder quarterly (October 1, 2017and January 1, 2018). On July 1, the firm enters into an agreementto provide updates to its software on a quarterly basis andreceives an advance payment of $25,000 for Q3 and Q4 of 2017. OnAugust 15, the company hires another new coder, who will be paidupon completion of a new software project. On September 1, thecompany purchases new computer systems for the new software projectat a cost of 30,000. The company depreciates the computer at theend of the reporting period using straight-line depreciation. Thecomputer systems are estimated to have zero salvage value and auseful life of 5 years. The company provides software updatespursuant to its July 1 agreement on September 30 for q3 2017. OnNovember 20, the company makes new sales on account in the amountof $52,500. On December 1, customers pay $25,000 of sales onaccount. The company provides software updates pursuant to its July1 agreement on December 30 for q4, 2017. On December 31, thecompany records an appropriate amount of income tax expense basedon a statutory rate of 24% and taxes due on March 15, 2018.REQUIREMENTS: PART1: Record (journalize) transactions and otherevents . The entity will prepare annual financial statements.However, some adjusting entries will be made quarterly, and at theend of the company's reporting year. Be sure to include allquarterly or annual adjusting entries as noted. PART II: Post alljournal/adjusting entries to t-accounts and determine t-accountbalances -use the date of the journal entry as the ID for thet-account postings. PART III: Prepare one trial balance (post-endof year adjusting entries) Part IV: Prepare financial statements(balance sheet, income statement, and statement of retainedearnings). I canfind the answear for this homework