Refer to the information in E3-36. Prepare journal entries for transactions in parts a through \(d\).

a. Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, 2010, and its balance sheet as of December 31, 2010. The company paid cash dividends of \(\$ 8,000\) and there were no stock issuances or repurchases during 2010 .
b. Prepare journal entries to close Beneish's temporary accounts.
c. Set up T-accounts for each account and post the closing entries.

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BENEISH CORPORATION Adjusted Trial Balance December 31, 2010 Debit Credit Cash.... Accounts receivable. Equipment .... Accumulated depreciation. Notes payable. $ 4,000 6,500 78,000 $ 14,000 10,000 Common stock... 43,000 Retained earnings 20,600 Dividends... 8,000 Service fees earned. 71,000 Rent expense. 18,000 Salaries expense 37,100 Depreciation expense. 7,000 Totals $158,600 $158,600