Problem 3-70A Part II Comprehensive Problem: Reviewing the Accounting Cycle Tarkington Freight Service provides delivery of merchandise to retail grocery stores in the Northeast. The company accountant has posted all the transactions to T-accounts as well as generating the journal and adjusting entries. Required: The following is a list of accounts and their ending balances. Using the data, prepare Takington's financial statements. Accounts Payable Accounts Receivable Accum. Depr. (Building) Accum. Depr. (Equipment) Advertising Expense Building (Warehouse) Cash Common Stock Depreciation Expense Dividends Equipment Income Taxes Expense Income Taxes Payable 5,600 286,172 350,000 725,000 125,226 2,190,000 2,012,324 1,400,000 215,000 25,000 795,000 482,549 482,549 Interest Expense Interest Payable Land Notes Payable Prepaid Advertising Property Taxes Expense Retained Earnings Service Revenue Supplies Expense Supplies Wages Expense Wages Payable 60,000 30,000 304,975 1,000,000 14,874 170,000 462,375 2,943,538 38,115 13,685 726,700 60,558 3. Prepare an income statement Note: For grouped values (e.g. revenues or expenses), enter individual amounts as positive values. If the total for the group is subtracted or an overall negative amount, enter using a minus sign. Tarkington Freight Service Income Statement For the Year Ended December 31, 2019 s Expenses 4. Prepare a retained earnings statement. Tarkington Freight Service Retained Earnings Statement For the Year Ended December 31, 2019 5. Prepare a classified balance sheet Tarkington Freight Service Balance December 31, 2019 Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Current liabilities: Total current liabilities Long-term Babies Total liabilities Sockholders guy Stockholders' equity: Total stockholders' equity Total abilities and stockholders equity 6. Prepare dosing entries. If an amount box does not require an entry, leave it blank. (Close revenue accounts) Dec. 31 (Close expense accounts) (Close expense accounts) Dec 31 - (Close Income Summary) (Close Dividends) 7. Conceptual Connection: Did you include Transaction g among Terkington's 2019 journal entries