CASE NO#1-FINANCIAL STATEMENTS Target Corporation is an American retail corporation. It is a general merchandise retailer with stores in all 50 U.S. states and the District of Columbia. 75% of the U.S. population lives within 10 miles of a Target store. The tagline of the company is "Expect More. Pay Less." The Corporation provides an adjusted Trial Balance as of December 31, 2021 which is given below: Principles of Accounting 2/Assignment Details Debit Debit OMR OMR Cash Equipment 34,400 75,900 Accumulated depreciation-store equipment 22,000 Office equipment 60,000 Accumulated depreciation office equipment 15,000 Accounts payable 35,000 Sales refund payable oil als 7,000 Notes payable 2,200 Common stock 31,000 Retained earnings sity of Technology 109,700 Dividends and Applied Sciences 48,000 Sales 335,000 Sales discounts 8,000 Sales returns and allowances 15,500 Selling expenses 33,500 General and administrative expenses 19,800 Interest expense 800 Merchandise Inventory - opening 20,000 Purchases 240,000 Purchase discounts 25,000 Purchase returns and allowances Transportation in 15,000 5,000 BASC2101/BAAC2100 Fall/2022-23 Page 5 of 5 Closing Merchandising Inventory of the Corporation is OMR 29,000. You are required to prepare the following financial statements from the above information as on 31 December 2021: