1. Selected accounts from Taylor Company as of March 31, 2012, follow: Cash Inventory Prepaid rent Plant Accumulated depreciation, plant Accounts payable Paid in capital Retained earnings $5,300 10,250 100 40,500 10,000 6,300 20,000 In addition, the following transactions occurred in the month of March. Depreciation for the month amounted to $700 Purchased inventory on account for $3.000 Returned a portion of the inventory deemed defective for $200 Paid creditors $2,200 for inventory purchased in 2 5. Paid 6 months rent of $600 in advance, covering April 1, 2012 through September 30, 2012. The contract price did not increase from the previous 6 months period and covered October 1, 2011 through March 31.2012 Sold inventory for $4,100 cash that cost Taylor Company $2,600 Required 1 Journalize the transactions for Taylor Company 2. Prepare an income statement for the month ending March 31 3. Prepare a balance abeet at March 31