10. The following trial balance pertains to Cal's Grocery as of January 1, 2014 Beginning Balances Account Title Cash Accounts receivable Merchandise inventory Accounts payable Common stock Retained earnings $ 52,000 8,000 100,000 8,000 86,000 66,000 The following events occurred in 2014. Assume that Cal's uses the periodic inventory method 1. Purchased land for $40,000 cash 2. Purchased merchandise on account for $252,000, terms 1/10, n/45 3. Paid freight of $2,000 cash on merchandise purchased FOB shipping point. 4. Returned $7,200 of defective merchandise purchased in Event 2. 5. Sold merchandise for $172,000 cash 6. Sold merchandise on account for $240,000, terms 2/10, n/30 7. Paid cash within the discount period on accounts payable due on merchandise purchased in Event 2. 8. Paid $23,200 cash for selling expenses 9. Collected $95,000 of the accounts receivable from Event 6 within the discount period 10. Collected $62,000 of the accounts receivable but not within the discount period 11. Paid $13,200 of other operating expenses 12. A physical count indicated that $53,100 of inventory was on hand at the end of the accounting period