Prepare journal entries for these of the following business events for Modern Automobiles of Denver On January 1, 2017, Modern issued its common stock for $280,000. Early in January, Modern made the following cash payments: $120,000 for equipment $136,000 for inventory (four cars at $34,000 each) $23,000 for 2017 rent on a store building In February, Modern purchased nine cars for inventory on account. Cost of this inventory was $414,000 Before year-end, Modern paid $124,200 of this debt. In 2017, Modern sold seven autos for a total of $400,000. Before year-end, Modern collected 90% of this amount. (Modern uses the FIFO method to account for inventory,.) The business employs four people. The combined annual payroll is $100,000, of which Modern owes $3,000 at year-end. At the end of the year, Modern paid income tax of $15,000. Late in 2017, Modern's board of directors declared cash dividends of $16,000. For equipment, Modern uses the straight-line depreciation method, over five years, with zero residual value. After the journal entries are done, prepare a trial balance