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, 2016, 1,900 shares of preferred stock and 27,000 shares of common stock had been issued. A condensed trial balance as of December 31, 2016, is provided below. Bruin Corporation Trial Balance (Condensed) December 31, 2016 Account Name Debit Credit Cash 46,270 Accounts Receivable 149,500 Allowance for Doubtful Accounts 1,700 Income Tax Refund Receivable Inventory 101,000 Land 113,000 Buildings 362,400 Accumulated DepreciationBuildings 45,300 Equipment 276,000 Accumulated DepreciationEquipment 27,600 Accounts Payable 131,020 Dividends PayablePreferred 22,800 Dividends PayableCommon 24,300 Accrued Expenses Payable Income Tax Payable Preferred Stock, 12% 190,000 Paid-in Capital in Excess of Par ValuePreferred 19,000 Common Stock 270,000 Retained Earnings 121,500 Sales (Net) 1,085,550 Purchases 570,000 Selling Expenses Control 165,400 General Expenses Control 79,300 Amortization of Organization Costs Income Tax Expense 75,900 Income Summary Totals 1,938,770 1,938,770 a. Ending merchandise inventory is $118,000. Close the beginning inventory and set up the ending inventory. b. Depreciation of buildings is $15,100 ($11,300 is selling expense; $3,800 is general expense). c. Depreciation of equipment is $27,600 ($18,300 is selling expense; $9,300 is general expense). d. Accrued expenses are $7,400 ($5,700 is selling expense; $1,700 is general expense). e. The balance in Allowance for Doubtful Accounts is adequate. f. The $75,900 balance in Income Tax Expense represents the quarterly tax deposits. Adjust the Income Tax Expense account using the following procedure: (1) Extend the adjusted income and expense items to the Income Statement columns 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. 2. Prepare the general journal entries from the above transaction as on 31st December 2016. (If no entry is required for a particular transaction, select "No journal entry required" in the first account