Morrow Enterprises inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterpises inc. with balances on January 1, 20Y5, are as: follows: burnalize the entries to record the transactions. No post ref is required in the journal. Refer to the chant of accounts for the exact wording of the account bties. CNOV aals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries. CNow journals will automatically indent a credit enty polit amount is entered. Round your final answer to the nearest dollar. I 13 HW Assignments CHART OF ACCOUNTS Morrow Enterprises Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 O.Nce Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment Chapter 13 HW Assignmenis LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense EQUITY 311 Common Stock 313 Paid-In Capital in Excess of Stated Value-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends c. Prepare a retained eamings statement for the year ended December 31,20Y5. Assume that Morrow Enterprises had net income for the year ended Decem 31, 20Y5, of $1,218,500. Be sure to complete the statement heading. Refer fo the chart of accounts and the lists of Labels and Amount Descriptions for the ex wording of text entries. A decrease to retained eamings should be entered as a negative amount