The following trial balance pertains to Benji's Grocery as of January 1, Year 2 Cash Accounts, receivable Merchandise inventory Accounts payable Common stock Retained earnings Total $14,88 10,480 61,780 $3,500 66,800 17,400 $86,900 $86,900 The following events occurred in Year 2. Assume that Benji's uses the periodic inventory method. 1. Purchased land for $7,400 cash. 2. Purchased merchandise on account for $25,000, terms 2/10 n/30 3. Paid freight of $250 cash on merchandise purchased FOB shipping point 4. Returned $1,300 of defective merchandise purchased in Event 2 5. Sold merchandise for $18,000 cash. 6. Sold merchandise on account for $42,000, terms 1/20 n/30. 7. Paid cash within the discount period on accounts payable due on merchandise purchased in Event 2 8 Paid $1,400 cash for selling expenses. 9. Collected $32,000 of the accounts receivable from Event 6 within the discount period. 10. Collected $7,000 of the accounts receivable but not within the discount period. 11. Paid $2.700 of other operating expenses. 12 A physical count indicated that $31,000 of inventory was on hand at the end of the accounting period o. Record these transactions in a general journal (If no entry is required for a transaction/event, select "No journal entry required" in the first eccount field.) Required b. Post the transactions to ledger T-accounts. c. Prepare a schedule of costs of goods sold, income statement, statement of changes in stockholdens statement of cash flows for Year 2. (Schedule of Cost of Goods Sold & Stotement of Cosh Fl indicated with a negative amount.) ows only, items to be deducted must be