2. The following are the summary account balances from a recent balance sheet of Exxon Mobil Corporation. The accounts have normal debit or credit balances, but they are not necessarily listed in good order. The amounts are shown in millions of dollars, just prior to the end of the year. Assume the year-end is December 31. (75 POINTS) Amounts in Transaction Accounts Millions Cash $12,664 Long-Term Notes Payable 7.711 Accounts Receivable 38,642 Inventories 11,665 Other Long-Term Debt 83,481 Property and Equipment. Net 214.664 Common Stock 9,512 Other Current Assets 6.229 Short-Term Investments 404 Retained Earnings 151,232 Accounts Payable 57,067 Income Taxes Payable 12,727 Prepaid Expenses 3.359 Long-Term Investments 34.333 Other Assets and Intangibles 9,092 Short-Term Notes Payable 9,322 Source: Exxon Mobil Corp. The following is a list of transactions for December (in millions of dollars): a. Purchased new equipment for $1.610 on account. b. Received $3,100 on accounts receivable. c. Earned $39,780 in sales of fuel to gas station franchisee customers, all on account: cost of sales was $5,984. (Hint: Record two journal entries.] d. Paid employees $1,238 for wages earned during the month. e. Paid three-fourths of the income taxes payable (rounded to the nearest million). f. Paid $10 of other long-ter Page bt2rincipal and $1 inter+st expense on the debt. t. Paid $10 of other long-term debt principal and $1 in interest expense on the debt. Required: 1. Prepare journal entries for each transaction. 2. Post the effects (debits and credits) of the transactions on the Unadjusted Trial Balance and compute the new ending balances on the Financial Analysis, Examination / Worksheet SP21. 3. Prepare the Income Statement for December 31, 2XXX. 4. Prepare the Statement of Retained Earnings for December 31, 2XXX 5. Prepare the Balance Sheet as of December 31, 2XXX