Intel Corporation had the following balances as of February 1, 2024:

• Cash: $60,000
• Accounts Receivable: $35,000
• Inventory: $70,000
• Equipment: $150,000 (Accumulated Depreciation: $30,000)
• Accounts Payable: $40,000
• Bank Loan: $50,000
• Capital: $195,000

During February 2024, Intel Corporation carried out the following transactions:

1. Purchased inventory worth $55,000 on account.
2. Paid $25,000 towards accounts payable.
3. Sold inventory for $100,000 (cost of goods sold: $60,000).
4. Collected $30,000 from accounts receivable.
5. Paid $30,000 in operating expenses.
6. Paid $15,000 towards the bank loan.
7. Recorded depreciation expense of $4,000.

Requirements:

1. Record the journal entries for the transactions.
2. Post the transactions to the ledger accounts.
3. Prepare a trial balance as of February 28, 2024.
4. Prepare the income statement and balance sheet for the month ended February 28, 2024.