Assignment Material 161 Required 0 Prepare the 20x8 balance sheet and statement of profit and loss. Problem 4.4 Completing Worksheet * Adjusted Trial Statement of Account Balance Profit and Loss Balance Sheet Debit Credit Debit Credit Debit Credit Merchandise inventory ? Sales 64,100 Sales returns and allowances 1,200 Purchases 43,290 Purchase returns and allowances 370 Purchase discounts 410 Freight in 3,280 Sales discounts. 560 Income tax expense. 4,500 Income tax payable 900 The beginning and ending merchandise inventories were 33,900 and 34,200, respectively. Required Extend the account balances to their proper columns after entering the inventory amounts in the worksheet. Chen Company had the following transactions with Chang Company: Problem 4.5 Recording Purchases an Apr. 3 Purchased 32,000 of merchandise; terms 2/10, n/30. Sales + 9 Purchased 39,000 of merchandise; terms 2/10, n/30. the April 3 purchase. 14 Paid