This is WAY too hard to figure out for me, can someone PLEASE show me how it's done???

Susquehanna Equipment Rentals On December 1, Year Equipment Rentals chasing the assets and was going out of busi COMPREHENSIVE ACCOUNTING CYCLE PROBLEM December 1, Year 1. John and Patty Driver formed a corporation called Susquehanna ent Rentals. The new corporation was able to begin operations immediately by pu the assets and taking over the location of Rent-It, an equipment rental company out of business. The newly formed company uses the following accounts. Cash Accounts Receivable Prepaid Rent Linexpired Insurance Office Supplies Rental Equipment Accumulated Depreciation: Rental Equipment Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Rental Fees Income Taxes Payable Capital Stock Retained Earnings Dividends Income Summary Rental Fees Earned Salaries Expense Maintenance Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense The corporation performs adjusting entries monthly, Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions. Dec. 1 Dec. 1 Dec. 1 Dec. 4 Issued to John and Patty Driver 20,000 shares of capital stock in exchange for a total of $240,000 cash. Purchased for $288,000 all of the equipment formerly owned by Rent-It. Paid $168,000 cash and issued a 1-year note payable for $120,000. The note, plus all 12 months of accrued interest, are due November 30, Year 2. Paid $14,400 to Shapiro Realty as three months' advance rent on the rental yard and office formerly occupied by Rent-It. Purchased office supplies on account from Modern Office Co., $1,200. Payment due in 30 days. These supplies are expected to last for several months; debit the Office Supplies asset account.) Received $9,600 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fees.) Paid salaries for the first two weeks in December, $6,240. Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $21,600, of which $14,400 was received in cash. Purchased on account from Earth Movers, Inc., $720 in parts needed to repair a rental tractor. (Debit an expense account.) Payment is due in 10 days. Collected $2,400 of the accounts receivable recorded on December 15. Dec. 8 Dec. 12 Dec. 15 Dec. 17 Dec. 23 er day, to be paid caping at a ping expects to keep the be paid Dec. 26 Rented ab nuary 15, Year 2 Dec. 26 Landscaping wit filed on behalf backhoe in a working hours on ked construction Dec. 28 Dec. 29 Declared a di Susquehann 20 Renred a buckhoe to Mission Landscaping at a price of 300 per de when the backhoe is neturned. Mission Landscaping expects to keer for about two or three weeks. Paid biweekly salaries, $6,240. De 27 Paid they mawala anth Movers, Inc. $720. ". 28 Declared dividend of 12 cents per share, payable on January 15, Y Susquehanna Equipment Rentals was named, along with Mission and Collier Construction, as a co-defendant in a $30,000 lawsuit of Kevin Davenport Mission Landscaping had left the rented back fenced construction site owned by Collier Construction. After work December 26, Davenport had climbed the fence to play on parked equipment. While playing on the backhoe, he fell and broke his arm extent of the company's legal and financial responsibility for this any cannot be determined at this time. (Note: This event does not journal entry at this time, but may require disclosure in notes accon of Kevin Direction site ownd climbed hoe, he fell anility for this accident, it broke his arm. The fencember 26, Davenpong on the bacancial respons event does not require a De coment. While playing and finance: This event does es accompanying the 520. This policy arty damage caused ry 1. Year 2, and nport on December Dec. 29 statements.) Purchased a 12-month public liability insurance policy for $11,520. Th protects the company against liability for injuries and property dama by its equipment. However, the policy goes into effect on January 1. Y affords no coverage for the injuries sustained by Kevin Davenport on mber amounted to Dec. 31 Received a bill from Universal Utilities for the month of December, $840 Payment is due in 30 days. Equipment rental fees earned during the second half of December amount $24.000, of which $18,720 was received in cash. Dec. 31 Data for Adjusting Entries a. The advance payment of rent on December 1 covered a period of three months. b. The annual interest rate on the note payable to Rent-It is 6 percent. The rental equinment is being depreciated by the strught-line method over a period of years. d. Office supplies on hand at December 31 are estimated at $720. e. During December, the company earned $4,440 of the rental fees paid in advance by McNamer Construction Company on December 8. 1. As of December 31, six days' rent on the backhoe rented to Mission Landscaping on Decem. ber 26 has been earned. g. Salaries earned by employees since the last payroll date (December 26) amounted to $1.680 at month-end. h. It is estimated that the company is subject to a combined federal and state income tax rate of 40 percent of income before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in Year 2. Instructions a. Perform the following steps of the accounting cycle for the month of December. 1. Journalize the December transactions. Do not record adjusting entries at this point. 2. Post the December transactions to the appropriate ledger accounts. 3. Prepare the unadjusted trial balance columns of a 10-column worksheet for the year ended December 31. 4. Prepare the necessary adjusting entries for December. 5. Post the December adjusting entries to the appropriate ledger accounts. 6. Complete the 10-column worksheet for the year ended December 31. Prepare an income st c. Prepare an income statement and statement of retained earnings for the year ended December and a balance sheet (in report form) as of December 31. Depare required disclosures to accompany the December 31 financial statements. Your lution should include a separate note addressing each of the following areas: (1) deprecia- tion policy, (2) maturity dates of major liabilities, and (3) potential liability due to pending litigation d. Prepare closing entries and post to ledger accounts. e Prepare an after-closing trial balance as of December 31. f. During December, this company's cash balance has fallen from $240,000 to $78,000. Does it appear headed for insolvency in the near future? Explain your reasoning. g. Would it be ethical for Patty Driver to maintain the accounting records for this company, or must they be maintained by someone who is independent of the organization