Corporation's trial balance at December 31, 2014 is presented on the next tab. All 2014 transactions have been recorded except for the items listed below the trial balance. REQUIRED (Ignore income taxes) (a) Prepare journal entries for the transactions listed on the next tab. (b) Prepare an updated December 31, 2014 trial balance, reflecting the unrecorded transactions. (c) Prepare a 2014 multiple step income statement. (d) Prepare a statement of retained earnings for the year ending December 31, 2014. (e) Prepare a December 31, 2014 classified balance sheet. Bookland Corporation Trial Balance December 31, 2014 Debit Credit Cash $23,000 Accounts Receivable $51,000 Allowance for Doubtful Accounts $450 Inventory $22,700 Land $65,000 Buildings $95,000 Accumulated Depreciation - Buildings $30,000 Equipment $40,000 Accumulated Depreciation - Equipment $14,400 Accounts Payable $19,300 Interest Payable $- 0 Dividends Payable $- 0 Unearned Rent Revenue $8,000 Bonds Payable (10%) $50,000 Common Stock ($10 par) $30,000 Paid-In Capital in Excess of Par - Common Stock $6,000 Preferred Stock ($20 par) $- 0 Paid-In Capital in Excess of Par - Preferred Stock $- 0 Retained Earnings $75,050 Treasury Stock $- 0 Sales Revenue $570,000 Rent Revenue $- 0 Bad Debts Expense $- 0 Interest Expense $2,500 Cost of Goods Sold $400,000 Depreciation Expense $- 0 Other Operating Expenses $39,000 Salaries and Wages Expense $65,000 Total $803,200 $803,200 Unrecorded transactions: 1. On January 1, 2014, Bookland issued 2,000 shares of $20 par, 6% preferred stock for $44,000. 2. On January 1, 2014, Bookland also issued 3,000 shares of common stock for $75,000. 3. Bookland reacquired 500 shares of its common stock on July 1, 2014 for $49 per share. 4. On December 31, 2014, Bookland declared the annual preferred stock dividend and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2015. 5. Bookland estimates that uncollectible accounts receivable at year end is $5,100. 6. The building is being depreciated using the straight line method over 30 years. The salvage value is $5,000. 7. The equipment is being depreciated using the straight line method over 10 years. The salvage value is $4,000. 8. The unearned rent was collected on October 1, 2014. It was receipt of 4 months' rent in advance (October 1, 2014 through January 31, 2015). 9. Bookland employs 5 people, each of whom earn $3,000 per month and have been employed since January 1. FICA Social Security taxes are 6.2% of the first $110,100 paid to each employee, & Medicare taxes are 1.45%. FUTA taxes are .8% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Record the employer tax expense for December, 2014.