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Credit $ 750,000 1. Prepare the closing entries (use the income summary account). 2. Prepare the post-closing (December 31, 2018) trial balance. 3. Prepare the

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Credit $ 750,000 1. Prepare the closing entries (use the income summary account). 2. Prepare the post-closing (December 31, 2018) trial balance. 3. Prepare the January 1, 2019 opening trial balance. Safety First Corporation Adjusted Trial Balance December 31. 2018 Workbook last modified: August 11 Debit Cash $ 950,000 Accounts Receivable 3,800,000 Allowance for Doubtful Accounts Inventory 8,500,000 Prepaid Insurance Notes Receivable Equipment 16,250,000 Building 2,800,000 Land 800,000 Accumulated Depreciation: Equipment Accumulated Depreciation: Building Accounts Payable Notes Payable (Short-Term) Salaries Payable Interest Payable Mortgage Payable (Long-Term) Common Stock Par $ 0.10 Additional Paid-In Capital Retained Earnings Dividends Sales (Revenue) Rent Revenue Cost of Goods Sold (COGS) 23,500,000 Selling Expense 2,150,000 Administrative Expense 2,450,000 Interest Expense Loss on Disposition of Equipment Income Tax Expense 2,200,000 $ 63,400,000 7,000,000 900,000 5,600,000 2,770,000 280,000 10,000,000 800,000 35,300,000 $63,400,000

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