The following post-closing trial balance is for Sports Haven Company as of December 31, 2008. Sports Haven Company Post-Closing Trial Balance December 31, 2008 Debits Credits Cash .. . . .... $17,500 Accounts Receivable 17,000 Inventory . .. . . . 28,800 Supplies on Hand 1,200 Prepaid Building Rental . 24,000 Accounts Payable . $18,000 Capital Stock (3,600 shares outstanding) 64,000 Retained Earnings . 16,500 Totals . . . . . $88,500 $88,500 Following is a summary of the company's transactions for 2009. 1. At the beginning of 2009, the company issued 1,500 new shares of stock at $20 per share. 2. Total inventory purchases were $49,500; all purchases were made on credit. 3. Total sales were $125,000; $102,900 were on credit, the remainder were for cash. The inventory that was sold had a cost of $47,500. 4. In December, a customer paid $3,500 cash in advance for merchandise that was temporarily out of stock. 5. The company paid $66,500 on accounts payable during the year. . The company collected $102,000 of accounts receivable during the year. 7. The company purchased $600 of supplies for cash during 2009. 8. The company paid $850 for advertising during the year that will be used in 2009 and 2010. 9. Total salaries paid during the year were $45,000. 10. The company paid $650 during the year for utilities. 11. Dividends of $7,500 were paid to stockholders in December. 12. As of December 31, salaries of $750 had been earned by employees but will not be paid until January 3, 2010. 13. A count at December 31, 2009, shows $800 of supplies still on hand.14. $650 of advertising was used in 2009. The balance represents advertising that will be broadcast in 2010. 15. On December 31, 2008, the company rented an office building for two years (2009 & 2010) and paid $24,000. 16. On December 31, 2009, a bill was received for $150 for December utilities. 17. The company's income is taxed at a rate of 15%. Required: 1. Prepare all general journal entries for 2009 and post your entries to the general ledger accounts. 2. Prepare a trial balance as of 12/31/2009. 3. Prepare all closing entries for year ended 12/31/2009. 4. Prepare a post-closing trial balance as of 12/31/2009 5. Prepare the income statement, balance sheet and statement of changes in retained earnings as of December 31, 2009 in their proper formats