Solved by verified expert :Details:Complete practice problems P1-34A and P1-36A in the textbook using the “M1 Practice Problems” Excel template.After completing the practice problems, go to the Assignments section of the classroom and submit your completed Excel document to the appropriate assignment drop box.P1-34A Student Name: Requirement 1: Analyze the effects of the preceding transactions on the accounting equation. Use the format of Exhibit 1-6 and include these headings: Cash; Accounts receivable; Supplies; Land; Accounts payable, and Crone capital. P1-36A Requirement 1a: Prepare the financial statements for Studio Photography for the year ended December 31, 2012. Requirement 1b:Prepare the statement of owners’ equity for the year ended December 31, 2012.Requirement 1c:Prepare the balance sheet at December 31, 2012.

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