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, 2019, 2,500 shares of preferred stock and 20,000 shares of common stock had been issued. A condensed trial balance as of December 31, 2019 is provided below. Dots Bruin Corporation Trial Balance (Condensed) December 31, 2019 Account Name Debit 150,700 Feferences Accounts Receivable Allowance for Doubtful Accounts Income Tax Refund Receivable Inventory 100,000 543,200 268,000 139, 420 10,000 250,000 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 tarnings Sales (Net) Purchases Selling Expenses Control General Expenses Control Amortization of Organization Costs Income Tax Expense 200,000 123,500 1,145,550 690.00 164,600 78,500 51,700 51,700 Amortization of Organization Costs Income Tax Expense Income Summary Totals 2,004,070 2,00,00 20 points Additional information: a. Ending merchandise inventory is $114,000. Close the beginning inventory and set up the ending Inventory b. Depreciation of buildings is $14,300 ($10.900 is selling expense: $3,400 is general expense) c. Depreciation of equipment is $26.800 ($17,900 is selling expense: $8,900 is general expense). d. Accrued expenses are $9.800 ($6,900 is selling expense: $2.900 is general expense) e. The balance in Allowance for Doubtful Accounts is adequate. f. The $51,700 balance in Income Tax Expense represents the quarterly tax deposits. Adjust the Income Tax Expense account using the following procedure: Hefereres (1) Extend the adjusted income and expense items to the Income Statement columns of the worksheet and compute the net income before taxes. (2) Assuming that taxable income is the same as net income before income taxes, use Table 1 to compute the federal income tax. Round the computed tax to the nearest whole dollar. Ignore state and local income taxes. Required: 1. & 3. Complete the worksheet. Enter the values of Selling Expenses control account and General Expenses control account Individually 2. Prepare the general journal entries from the above transactions as of December 31, 2019. 4. Prepare a condensed income statement for the year. 5. Prepare a balance sheet as of December 31, 2019. The balance of Retained Earnings on January 1, 2019, was $171,500. All dividends for the year were declared on December 5, 2019, and are payable January 4, 2020. 6. Journalize the closing entries on December 31 2. Prepare the general journal entries from the above transactions as of December 31, 2019 4. Prepare a condensed income statement for the year. 5. Prepare a balance sheet as of December 31, 2019. The balance of Retained Earnings on January 1, 2019, was $171,500. All dividends for the year were declared on December 5, 2019, and are payable January 4, 2020 6. Journalize the closing entries on December 31 Analyze: Assume that dividends were declared in equal amounts over the four quarters of 2019. What percentage of Bruin Corporation's annual income before tax was spent on dividends to stockholders? Complete this question by entering your answer in the tabs below. General Journal Worksheet Income Stmt Balance Sheet Closing Entries Analyze Prepare the general journal entries from the above transactions as of December 31, 2019. (If no entry is required for a particular transaction, select "No journal entry required in the first account field.) me to 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, 2019, 2,500 shares of preferred stock and 20,000 shares of common stock had been issued. A condensed trial balance as of December 31, 2019 is provided below. Dots Bruin Corporation Trial Balance (Condensed) December 31, 2019 Account Name Debit 150,700 Feferences Accounts Receivable Allowance for Doubtful Accounts Income Tax Refund Receivable Inventory 100,000 543,200 268,000 139, 420 10,000 250,000 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 tarnings Sales (Net) Purchases Selling Expenses Control General Expenses Control Amortization of Organization Costs Income Tax Expense 200,000 123,500 1,145,550 690.00 164,600 78,500 51,700 51,700 Amortization of Organization Costs Income Tax Expense Income Summary Totals 2,004,070 2,00,00 20 points Additional information: a. Ending merchandise inventory is $114,000. Close the beginning inventory and set up the ending Inventory b. Depreciation of buildings is $14,300 ($10.900 is selling expense: $3,400 is general expense) c. Depreciation of equipment is $26.800 ($17,900 is selling expense: $8,900 is general expense). d. Accrued expenses are $9.800 ($6,900 is selling expense: $2.900 is general expense) e. The balance in Allowance for Doubtful Accounts is adequate. f. The $51,700 balance in Income Tax Expense represents the quarterly tax deposits. Adjust the Income Tax Expense account using the following procedure: Hefereres (1) Extend the adjusted income and expense items to the Income Statement columns of the worksheet and compute the net income before taxes. (2) Assuming that taxable income is the same as net income before income taxes, use Table 1 to compute the federal income tax. Round the computed tax to the nearest whole dollar. Ignore state and local income taxes. Required: 1. & 3. Complete the worksheet. Enter the values of Selling Expenses control account and General Expenses control account Individually 2. Prepare the general journal entries from the above transactions as of December 31, 2019. 4. Prepare a condensed income statement for the year. 5. Prepare a balance sheet as of December 31, 2019. The balance of Retained Earnings on January 1, 2019, was $171,500. All dividends for the year were declared on December 5, 2019, and are payable January 4, 2020. 6. Journalize the closing entries on December 31 2. Prepare the general journal entries from the above transactions as of December 31, 2019 4. Prepare a condensed income statement for the year. 5. Prepare a balance sheet as of December 31, 2019. The balance of Retained Earnings on January 1, 2019, was $171,500. All dividends for the year were declared on December 5, 2019, and are payable January 4, 2020 6. Journalize the closing entries on December 31 Analyze: Assume that dividends were declared in equal amounts over the four quarters of 2019. What percentage of Bruin Corporation's annual income before tax was spent on dividends to stockholders? Complete this question by entering your answer in the tabs below. General Journal Worksheet Income Stmt Balance Sheet Closing Entries Analyze Prepare the general journal entries from the above transactions as of December 31, 2019. (If no entry is required for a particular transaction, select "No journal entry required in the first account field.) me to