Preparing Financial Statements and Closing Entries Beneish Corporation has the following account balances at December 31, the end of its fiscal year. BENEISH CORPORATION Adjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Equipment Accumulated depreciation Notes payable $8,000 13,000 156,000 $ 28,000 20,000 Common stock 86,000 Retained earnings 41.200 Dividends 16,000 Service fees earned 142,000 Rent expense 36,000 74,200 Salaries expense Depreciation expense Totals 14,000 $317,200 $317,200 (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.) Beneish Corporation Income Statement For Year Ended December 31 Service fees earned $ 142,000 Rent expense 36,000 Salaries expense 74,200 Depreciation expense 14,000 Net income $ 17,800 Note: Use a negative sign for any answer that decreases the balance. Beneish Corporation Statement of Stockholders' Equity For Year Ended December 31 Common Stock Retained Earnings Total Stockholders' Equity Balance at December 31, Beg $ Stock issuance Dividends Net income 86,000 $ 41,200 $ 0 0 0 (16,000) 0 17.800 127,200 0 (16,000) 17.800