Preparing Financial Statements and Closing Entries Beneish Corporation has the following account balances at December 31 , the end of its fiscal year. (a) Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance sheet as of December 31. There were no stock issuances or repurchases during the year. (Do not use negative signs with your answers unless otherwise noted.) (c)Set up T-accounts for each account and post the closing entries. Note: Only those ledger accounts affected by closing process are shown here. - Enter beginning balances in the appropriate answer box. - Enter transactions in the T-accounts in the order they appear, using first available answer box on the appropriate side of the T-account. - Compute the ending balances. Note: Use a negative sign with your accumulated depreciation answer. (b) Prepare journal entries to close Beneish's temporary accounts. Note: Use a negative sign for any answer that decreases the balance. Note: Use a negative sign with your accumulated depreciation answer. Preparing Financial Statements and Closing Entries Beneish Corporation has the following account balances at December 31 , the end of its fiscal year. (a) Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance sheet as of December 31. There were no stock issuances or repurchases during the year. (Do not use negative signs with your answers unless otherwise noted.) (c)Set up T-accounts for each account and post the closing entries. Note: Only those ledger accounts affected by closing process are shown here. - Enter beginning balances in the appropriate answer box. - Enter transactions in the T-accounts in the order they appear, using first available answer box on the appropriate side of the T-account. - Compute the ending balances. Note: Use a negative sign with your accumulated depreciation answer. (b) Prepare journal entries to close Beneish's temporary accounts. Note: Use a negative sign for any answer that decreases the balance. Note: Use a negative sign with your accumulated depreciation