The Eastren Fittings Corporation began business on July 1, 1999. The following transactions occurred during its first six months: 1. Three individuals each invested $30,000 in exchange for capital stock. 2. One year's rent was paid for $12,000 on July 1. 3. On August 1, several pieces of property, plant, and equipment were pur- chased for $75,000 on account. 4. During the six months, clothing, boots, and accessories were purchased for $60,000 cash. 5. The corporation had sales revenue of $85,000, of which $35,000 has not yet been collected in cash. 6. The cost of the clothing, boots, and accessories sold in item 5 was $55,250. 7. Employees were paid $24,000 in wages. 8. The corporation paid utilities and telephone expenses of $5,000. Required: a) Analyze the journal entries of eastren fitting corportaion b) Post each item to proper ledger account c) Make the trail balance, income statement and Balance sheet at the end of six months