Bruin Corporation has been authorized to issue 5,000 shares of 12 percent noncumulative, nonparticipating preferred stock with a par value of $100 per share and 200,000 shares of common stock with a par value of $10 per share. As of December 31, 2021, 2,600 shares of preferred stock and 19,000 shares of common stock had been issued. A condensed trial balance as of December 31, 2021, is provided below. Bruin Corporation Trial Balance (Condensed) December 31, 2021 Account Name Cash Accounts Receivable Allowance for Doubtful Accounts Income Tax Refund Receivable Inventory Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Dividends Payable-Preferred Dividends Payable-Common Accrued Expenses Payable Income Tax Payable Preferred Stock, 12% Paid-in Capital in Excess of Par Value-Preferred. Common Stock Retained Earnings Sales (Net) Purchases Debit Credit $48,470 150,800 3,000 101,000 110,000 348,000 43,500 270,000 27,000 149,720 31,200 17,100 260,000 26,000 190,000 123,000 1,150,550 700,000 Purchases Selling Expenses Control General Expenses Control Income Tax Expense Income Summary Totals Assume that the federal corporate income tax is $49,375. 1,150,550 700,000 164,800 78,700 49,300 $2,021,070 $2,021,070 Show less A ces 1 a1.) Ending merchandise inventory is $115,000. Close the beginning inventory of $101,000. 2 a2.) Ending merchandise inventory is $115,000. Set up the ending inventory. 3 b.) Depreciation of buildings is $14,500 ($11,000 is selling expense; $3,500 is general expense). c.) Depreciation of equipment is $27,000 ($18,000 is selling expense; $9,000 is general expense). 5 d.) Accrued expenses are $10,000 ($7,000 is selling expense; $3,000 is general expense). Note: = journal entry has been entered neral Lec 3 s ferences 6 e.) The balance in Allowance for Doubtful Accounts is adequate. 7 f.) The $49,300 balance in Income Tax Expense represents the quarterly tax deposits. Assuming that taxable income is $49,375, adjust the income tax expense. 8 Prepare the closing entry necessary to close temporary accounts with credit balances to income summary. 9 Prepare the closing entry necessary to close temporary accounts with debit balances to income summary. 10 Prepare the closing entry to close income summary to retained earnings. Note: journal entry has been entered neral Ledger Adjusted BRUIN CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2021 Retained earnings, January 1, 2021 $ 171,300 120,175 $ 291,475 Less: Dividends on Common Stock Dividends on Preferred Stock Retained earnings, December 31, 2021 < Income Statement. Balance Sheet Adjusted available points - Select the accounts to be included on the balance sheet of the corporation. Current assets: 0 Current liabiliites: BRUIN CORPORATION Balance Sheet As of December 31, 2021 Assets $ 10 0 $ 0 0 0 0 0 $ 0 0 0 $ 0 0 Liabilities and Stockholders' Equity $ 0 Current liabiliites: Total current liabilities Stockholders' Equity Paid-in capital Total paid-in capital Liabilities and Stockholders' Equity $ 0 0 0 0 0 0 $ 0 0 0 0 0 Adjusted Dividends declared - Common Dividends declared - Preferred Total dividends 0 < Balance Sheet Analysis