Preparing Financial Statements and Closing Entries Beneish Corporation has the following account balances at December 31, the end of its fiscal year. Debit Credit Cash $ 6,000 Accounts receivable 9,750 Equipment 117,000 Accumulated depreciation $ 21,000 Notes payable 15,000 Common stock 64,500 Retained earnings 30,900 Dividends 12,000 Service fees earned 106,500 Rent expense 27,000 Salaries expense 55,650 Depreciation expense 10,500 Totals $237,900 $237,900 (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 Rent expense Salaries expense Depreciation expense Net income $ 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 Net income Balance at December 31, End $ $ $ Note: Use a negative sign with your accumulated depreciation answer. Beneish Corporation Balance Sheet December 31 Assets Liabilities $ Accounts receivable Equipment, gross Accumulated depreciation Equipment, net Total assets Total liabilities Common stock $ Total liabilities and equity $ (b) Prepare journal entries to close Beneish's temporary accounts. GENERAL JOURNAL Ref. Description Debit Credit (1) > To close revenue account. (2) To close rent expense account. (3) To close salaries expense account. (4) > To close depreciation expense account. (5) To close dividend account. (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. Retained Earnings Service Fees Earned Rent Expense Beg Bal. Beg Bal. End Bal. Beg Bal. End Bal. End Bal. Depreciation Expense Salaries Expense Dividends Beg Bal. End Bal. Beg Bal. End Bal. Beg Bal. End Bal