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In: AccountingOn January 1, 2018, Red Flash Photography had the followingbalances: Cash, $21,000; Supplies, $8,900; Land,...On January 1, 2018, Red Flash Photography had the followingbalances: Cash, $21,000; Supplies, $8,900; Land, $69,000; DeferredRevenue, $5,900; Common Stock $59,000; Retained Earnings, $34,000.During 2018, the company had the following transactions: February15 Issue additional shares of common stock, $29,000. May 20 Provideservices to customers for cash, $44,000, and on account, $39,000.August 31 Pay salaries to employees for work in 2018, $32,000.October 1 Purchase rental space for one year, $21,000. November 17Purchase supplies on account, $31,000. December 30 Pay dividends,$2,900. The following information is available on December 31,2018: Employees are owed an additional $4,900 in salaries. Threemonths of the rental space has expired. Supplies of $5,900 remainon hand. All of the services associated with the beginning deferredrevenue have been performed.1. Record the transactions that occurred during the year2. Record the adjusting entries at the end ofthe year.3. Prepare an adjusted trial balance.4. Prepare an income statement, statement ofstockholders’ equity, and classified balance sheet.5.Prepare closing entries.(journal entries)