I will rate, thank you!

Required information {The following information applies to the questions displayed below.) Powell Company began the Year 2 accounting period with $18,100 cash. $60,900 inventory. $48,100 common stock, and $30.900 retained earnings. During Year 2. Powell experienced the following events: 1. Sold merchandise that cost $37.900 for $75,000 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $340 cash. 3. Received returned goods from Prentise. The goods cost Powell $1,990 and were sold to Prentise for $3,830. 4. Granted Prentise a $1,110 allowance for damaged goods that Prentise agreed to keep. 5. Collected partial payment of $53,700 cash from accounts receivable. a. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Sold merchandise for $75,000 on account to Prentise Furniture Store. Note: Enter debits before credits. Date General Journal Debit Credit 1 a. b. Open general ledger T-accounts with the appropriate beginning balances and post the journal entries to the T-accounts. Cash Accounts Receivable Beg. Bal Beg. Bal End. Bal End. Bal Merchandise Inventory Common Stock Beg. Bal Beg. Bal End. Bal End. Bal Retained Earnings Sales Revenue Beg. Bal Beg. Bal End. Bal End. Bal Cost of Goods Sold Transportation-out Beg. Bal Beg. Bal End. Bal End. Bal c. Prepare an income statement, balance sheet, and statement of cash flows. (Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.) POWELL COMPANY Income Statement For the Year Ended December 31, Year 2 Operating expenses POWELL COMPANY Balance Sheet As of December 31, Year 2 Assets Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity POWELL COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flow from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance