1. Purchased inventory that cost $12,600 on account from Ross Company under terms 2/10,n/30. The merchandise was delivered FOB shipping point. Freight costs of $940 were paid in cash. 2. Returned $650 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost. 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold inventory that had cost $11,000 for $19,000 on account, under terms 2/10,n/45. 5. Received merchandise returned from a customer. The merchandise originally cost $1,900 and was sold to the customer for $2,500 cosh. The customer was paid $2,500 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Freight costs of $830 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Sold the land for $6,300. 9. Recognized accrued interest income of $400. 10. Took a physical count indicating that $4,500 of inventory was on hand at the end of the accounting period. Hint: Determine the current balance in the inventory account before calculating the amount of the inventory write down. c. Post the beginning balances and the events to the T-accounts. Note that these ledger accounts will also be used when posting the closing entry that is created in Part e. d. Prepare a multistep income statement, a statement of changes in stockhoiders' equity, a balance sheet, and a statement of cash flows for Year 2. e. Use a single general journal entry to close all revenue, gain, and expense accounts to the retained earnings account Post the journal entry to the ledger accounts and prepare a post-closing trial balanco. CashInventoryLandCommonstockRetainedearnings$14,3006,5003,40012,00012,200 1. Purchased inventory that cost $12,600 on account from Ross Company under terms 2/10,n/30. The merchandise was delivered FOB shipping point. Freight costs of $940 were paid in cash. 2. Returned $650 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost. 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold inventory that had cost $11,000 for $19,000 on account, under terms 2/10,n/45. 5. Recelved merchandise feturned from a customer. The merchandise originally cost $1,900 and was sold to the customer for $2,500 cash. The customer was paid $2,500 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Freight costs of $830 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Sold the land for $6,300. 9. Recognized accrued interest income of $400. 10. Took a physical count indicating that $4,500 of inventory was on hand at the end of the accounting period. Hint: Determine the current balance in the inventory account before calculating the amount of the inventory write down. c. Post the beginning balances and the events to the T-accounts. Note that these ledger accounts will also be used when posting the closing entry that is created in Part e. d. Prepare a multistep income statement, a statement of changes in stockhoiders' equity, a balance sheet, and a statement of cash flows for Year 2. e. Use a single general journal entry to close all revenue, gain, and expense accounts to the retained earnings occount. Post the journat entry to the ledger accounts and prepare a post-closing trial balance