The following trial balance was prepared for Tile, Etc., Inc., on December 31, Year 1, after the closing entries were posted: Account Title Cash Accounts Receivable Credit Debit $190,000 141,000 Allowance for Doubtful Accounts $ 26,000 Inventory 457,000 Accounts Payable 111,000 Common Stock 530,000 Retained Earnings 121,000 Totals $788,000 $788,000 Tile, Etc. had the following transactions in Year 2: 1. Purchased merchandise on account for $660,000. 2. Sold merchandise that cost $500,000 for $1,050,000 on account. 3. Sold for $325,000 cash merchandise that had cost $192,000. 4. Sold merchandise for $270,000 to credit card customers. The merchandise had cost $128,000. The credit card company charges a 4 percent fee. 5. Collected $780,000 cash from accounts receivable. 6. Paid $690,000 cash on accounts payable. 7. Paid $161,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4). 9. Loaned $66,000 to J. Parks. The note had an 8 percent interest rate and a one-year term to maturity 10 Wrote off $9,100 of accounts as uncollectible. 11 Made the following adjusting entries: (a) Recorded uncollectible accounts expense estimated at 1 percent of sales on account (b) Recorded seven months of accrued interest on the note at December 31, Year 2 (see item 9). Required a. Prepare general journal entries for these transactions, post the entries to T-accounts, and prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 2 b. Compute the net realizable value of accounts receivable at December 31, Year 21 Required A General Journal Required AT Required A Inc accounts Stmt Required A Stmt Stkholder Eq Required A Ball Sheet Required A Stmt of Cash Flows Required B Required C Prepare a T-accounts. Beg. Bal End. Bal. Cash Accounts Payable Beg Bal End Bal Accounts Receivable Beg Bal Common Stock Beg Bal End. Bal End. Bal Allowance for Doubtful Accounts Retained Earnings Beg Bal Beg Bal