IBM Corporation:

Transaction Description	Amount ($)
Initial Capital Investment by Owners	170,000
Purchase of Equipment (paid in cash)	30,000
Sales Revenue (50% on credit)	90,000
Payment of Rent	15,000
Purchase of Inventory on Credit	50,000
Payment to Suppliers	40,000
Collection from Credit Customers	45,000
Salaries and Wages Paid	25,000
Interest Expense	2,500
Depreciation on Equipment	3,000

Requirements:

1. Journalize the transactions for IBM Corporation.
2. Post the transactions to the general ledger.
3. Prepare a trial balance as of the end of the period.
4. Prepare an income statement and balance sheet for the period.