Prepare Income statement, Balance sheet and statement of retained earnings

Create closing entries including posting to the R/E T account and the post closing trial balance

Inguinal Corp. Adjusted Trial Balance December 31, 2021 Account Title Cr $ Dr 30,000 40,000 18,000 320 54,000 1,500 2,000 80,000 $ Cash Accounts Receivable Notes Receivable (short term) Interest Receivable Inventory Supplies Prepaid Rent Office Equipment Accumulated Depreciation -- Office Equipment Accounts Payable Interest Payable Deferred Sales Revenue Notes Payable Common Stock (5,000 shares issued, no par) Retained Earnings Dividends Sales Revenue Interest Revenue Cost of Goods Sold Salaries Expense Rent Expense Depreciation Expense Interest Expense Supplies Expense Insurance Expense Advertising Expense 23,000 31,000 180 4,200 44,500 60,000 37,620 4,000 283,900 320 172,400 32,800 22,000 8,000 3,600 2,300 5,600 8,200 Totals $ 484,720 $ 484,720 Inguinal Corp. was started in 2020, with an investment by Kevin Inguinal, the sole shareholder, of $24,000 in exchange for 2,000 shares of Inguinal's no par value common stock. In 2021, Kevin received an additional 3,000 shares for an additional investment. $32,000 of Inguinal's Notes Payable are long-term, with the remaining balance consisting of short-term notes