IBM Corporation

Trial Balance as at 31 December 2023

	Debit ($)	Credit ($)
Cash	70,000
Accounts Receivable	80,000
Inventory	90,000
Equipment	500,000
Accumulated Depreciation - Equipment		100,000
Accounts Payable		60,000
Long-term Debt		150,000
Common Stock		350,000
Retained Earnings		150,000
Sales Revenue		700,000
Cost of Goods Sold	450,000
Operating Expenses	100,000
Depreciation Expense	30,000
Total	1,320,000	1,320,000

Required:

1. Prepare the Ledger Accounts for the above trial balance.
2. Calculate the Income Statement for the year ended 31 December 2023.
3. Formulate the Balance Sheet as at 31 December 2023.