Powell Company began the Year 2 accounting perlod with $18,900 cash, $60,500 Inventory, $49,400 common stock, and $30,000 retalned earnIngs. During Year 2, Powell experlenced the following events: 1. Sold merchandise that cost $38,000 for $76,100 on account to Prentise Furnlture Store. 2. Dellvered the goods to Prentlse under terms FOB destination. Frelght costs were $320 cash. 3. Recelved returned goods from Prentlse. The goods cost Powell $1,950 and were sold to Prentlse for $3,820. 4. Granted Prentise a $1,120 allowance for damaged goods that Prentlse agreed to keep. 5. Collected partlal payment of $53,500 cash from accounts recelvable. Exercise 4-16A (Algo) Part b Required b. Post the beginning balances and Journal entrles to the T-accounts