Capital Technologies Inc. began 2020 with inventory of $22,000. During the year, Capital purchased inventory costing $130,000 and sold goods for $175,000, with all transactions on account. Capital ended the year with inventory of $35,000. Capital prepared the following journal entries under the periodic inventory system at year end: (Click the icon to view the journal entries.) Requirements 1. Post to the Inventory and Cost of Goods Sold accounts. 2. Compute cost of goods sold by the cost-of-goods-sold model. 3. Prepare the December 2020 income statement of Capital Technologies Inc. through gross profit. Requirement 1. Post the beginning balance(s) and all entries to the Inventory and Cost of Goods Sold accounts. (Leave any unused cells blank.) Inventory Cost of Goods Sold End bal. End bal. Requirement 2. Compute cost of goods sold by the cost-of-goods-sold model. Plus: Goods available Less: Cost of goods sold inventory of $35,000. Capital prepared the following journal entries under the periodic inventory system at year end: (Click the icon to view the journal entries.) i Journal entries X Requirements 1. Post to the Inventory and Cost of Goods Sold accounts. 2. Compute cost of goods sold by the cost-of-goods-sold model. 3. Prepare the December 2020 income statement of Capital Technologies Inc. through gross profit. Journal Entry Accounts Debit Credit Plus: Goods available JE1 Purchases 130,000 Accounts Payable Less: 130,000 JE2 Accounts Receivable 175,000 Cost of goods sold Sales Revenue 175,000 Requirement 3. Prepare the December 2020 income statement of Capital Technologies Inc. through gross profit. JE3 Cost of Goods Sold 22,000 Capital Technologies Inc. 22,000 Income Statement 35,000 Inventory JE4 Inventory Cost of Goods Sold JE5 Cost of Goods Sold For the Year Ended December 31, 2020 35,000 130,000 Purchases 130,000 Gross profit Print Done Choose from any list or enter any number in the input fields and then continue to the next