Problem 21.2A Completing a corporate worksheet, recording adjusting and closing entries, preparing an income statement and balance sheet. LO 21-2, 21-3, 21-4, 21-11 20 points Bruin Corporation has been authorized to issue 5.000 shares of 12 percent noncumulative, nonparticipating preferred stock with a par value of $100 per share and 200,000 shares of common stock with a par value of $10 per share. As of December 31, 2019. 2.500 shares of preferred stock and 20,000 shares of common stock had been issued. A condensed trial balance as of December 31, 2019, is provided below. eBook Bruin Corporation Trial Balance (Condensed) December 31, 2019 Account Name Accounts Receivable Allowance for Doubtful Accounts Income Tax Refund Receivable Inventory 109,000 343,200 268,000 20.00 Buildings Accumulated Depreciation-Buildings Equipment Arculat Depreciation Equipment Accounts Payable Dividends Payable Preferred Dividends Payable-Common Accrued Expenses Payable Inc Tax Payable Preferred Stock, 12% Pald-in Capital in Excess Preferred 18,000 250, 25.000 333 Common stock Retained Earnings Sales (et) Purchases Selling Expenses Control General Expenses Control Amortization of Organisation Costs Income Tax Expense Income Summary Totals points 51,700 2.000,00 2.000 Additional Information a. Ending merchandise inventory is $114,000. Close the beginning inventory and set up the ending inventory b. Depreciation of buildings is $14.300 ($10,900 is selling expense: $3.400 is general expense). c. Depreciation of equipment is $26.800 ($17.900 is selling experie: $8.900 is general expense) d. Accrued expenses are $9.800 ($6.900 is selling expense: $2,900 is general expense). e. The balance in Allowance for Doubtful Accounts is adequate The $51700 balance in Income Tax Expense represents the quarterly tax deposits. Adjust the income Tax Expense account using the following procedure (1) Extend the adjusted Income and expense items to the income Statement columns of the worksheet and compute the net income before the (2) Assuming that taxable income is the same as net income before income taxes, use Table to compute the federal income tax Round the computed tax to the nearest whole dollar. Ignore state and local income taxes. Required: 1. & 3. Complete the worksheet Enter the values of Selling Expenses control account and General Expenses control account Individually (2) Assuming that taxable income is the same as net income before income taxes, use Table 1 to compute the federal income tax. Round the computed tax to the nearest whole dollar. Ignore state and local income taxes. Required: points 1. & 3. Complete the worksheet. Enter the values of Selling Expenses control account and General Expenses control account individually eBook 2. Prepare the general journal entries from the above transactions as of December 31, 2019. 4. Prepare a condensed income statement for the year 5. Prepare a balance sheet as of December 31, 2019. The balance of Retained Earnings on January 1, 2019, was $171500. All dividends for the year were declared on December 5, 2019, and are payable January 4, 2020. 6. Journalize the closing entries on December 31. Analyze: Assume that dividends were declared in equal amounts over the four income before tax was spent on dividends to stockholders? 2019. What percentage Corporation's annual Complete this question by entering your answer 2 General Worksheet Income Stmt Sheet Complete the worksheet. Problem 21.2A Completing a corporate worksheet, recording adjusting and closing entries, preparing an income statement and balance sheet. LO 21-2, 21-3, 21-4, 21-11 20 points Bruin Corporation has been authorized to issue 5.000 shares of 12 percent noncumulative, nonparticipating preferred stock with a par value of $100 per share and 200,000 shares of common stock with a par value of $10 per share. As of December 31, 2019. 2.500 shares of preferred stock and 20,000 shares of common stock had been issued. A condensed trial balance as of December 31, 2019, is provided below. eBook Bruin Corporation Trial Balance (Condensed) December 31, 2019 Account Name Accounts Receivable Allowance for Doubtful Accounts Income Tax Refund Receivable Inventory 109,000 343,200 268,000 20.00 Buildings Accumulated Depreciation-Buildings Equipment Arculat Depreciation Equipment Accounts Payable Dividends Payable Preferred Dividends Payable-Common Accrued Expenses Payable Inc Tax Payable Preferred Stock, 12% Pald-in Capital in Excess Preferred 18,000 250, 25.000 333 Common stock Retained Earnings Sales (et) Purchases Selling Expenses Control General Expenses Control Amortization of Organisation Costs Income Tax Expense Income Summary Totals points 51,700 2.000,00 2.000 Additional Information a. Ending merchandise inventory is $114,000. Close the beginning inventory and set up the ending inventory b. Depreciation of buildings is $14.300 ($10,900 is selling expense: $3.400 is general expense). c. Depreciation of equipment is $26.800 ($17.900 is selling experie: $8.900 is general expense) d. Accrued expenses are $9.800 ($6.900 is selling expense: $2,900 is general expense). e. The balance in Allowance for Doubtful Accounts is adequate The $51700 balance in Income Tax Expense represents the quarterly tax deposits. Adjust the income Tax Expense account using the following procedure (1) Extend the adjusted Income and expense items to the income Statement columns of the worksheet and compute the net income before the (2) Assuming that taxable income is the same as net income before income taxes, use Table to compute the federal income tax Round the computed tax to the nearest whole dollar. Ignore state and local income taxes. Required: 1. & 3. Complete the worksheet Enter the values of Selling Expenses control account and General Expenses control account Individually (2) Assuming that taxable income is the same as net income before income taxes, use Table 1 to compute the federal income tax. Round the computed tax to the nearest whole dollar. Ignore state and local income taxes. Required: points 1. & 3. Complete the worksheet. Enter the values of Selling Expenses control account and General Expenses control account individually eBook 2. Prepare the general journal entries from the above transactions as of December 31, 2019. 4. Prepare a condensed income statement for the year 5. Prepare a balance sheet as of December 31, 2019. The balance of Retained Earnings on January 1, 2019, was $171500. All dividends for the year were declared on December 5, 2019, and are payable January 4, 2020. 6. Journalize the closing entries on December 31. Analyze: Assume that dividends were declared in equal amounts over the four income before tax was spent on dividends to stockholders? 2019. What percentage Corporation's annual Complete this question by entering your answer 2 General Worksheet Income Stmt Sheet Complete the worksheet