Cash Inventory (5 things @ $ 10,000 each) Land Security Deposit Taxes Payable Note Payable Common Stock (2,000 shares) Retained Earnings $110,000 50,000 40,000 1,000 2,000 20,000 78,000 101,000 During 20X1 the following transactions occurred: Purchased 6 things at $10,000 each. Paid 50,000 and will pay the rest next year. Sold 10 things for $20,000 each. Paid 20X0 taxes payable. Paid cash for wages of $40,000. I Paid 12 months of rent $12,000. Paid the interest on the note at 10%. Sold 600 shares of stock for $18,000 on June 30, 20X1. Paid a $3,000 dividend to shareholders on December 31, 20X1. Also, during the year the company paid 50% of the 20X1 taxes. The tax rate is 30%. Prepare Journal Entries and T-Accounts and the Financial Statements for 20X1.