IBM Corporation:

Transaction Description	Amount ($)
Initial Capital Investment by Owners	200,000
Purchase of Equipment (paid in cash)	40,000
Sales Revenue (50% on credit)	100,000
Payment of Rent	18,000
Purchase of Inventory on Credit	60,000
Payment to Suppliers	50,000
Collection from Credit Customers	50,000
Salaries and Wages Paid	30,000
Interest Expense	3,000
Depreciation on Equipment	4,000

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.