The trial balance of My Motor, Inc. on March 1, 20XX, lists the entity's assets, liabilities, and owner's equity on that date. Account Title Debit CreditCash 26,000 Accounts receivable 4,500 Accounts payable 2,000Common Stock 20,500Retained earnings 8,000Total 30,500 30,500During March, the business engaged in the following transactions:a. Borrowed $45,000 from the bank and signed a note payable in the name of the businessb. Paid cash of $40,000 to acquire landc. Performed service for a customer and received cash of $5,000d. Purchased supplies on account, $300e. Performed customer service and earned revenue on account, $2,600f. Paid $1,200 on accountg. Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400.h. Received a $200 utility bill that will be paid next weekj. Paid cash dividends of $1,800Required1. Prepare journal entries for each transaction. Key journal entries by the transaction letter2. Prepare the trial balance of My Motors, Inc. at March 31, 20XX3. Prepare financial statements for My Motors, Inc. for the period ending March 31, 20XX. (Balance sheet and Income statement)