E2-32. Preparing Financial Statements and Closing Process Beneish Company has the following account balances at December 31, the end of its fiscal year. ...... $ 8,000 Debit Credit Cash Accounts receivable... Equipment ......... Accumulated depreciation. Notes payable ... Common stock........ Retained earnings .... Dividends ....... Service fees earned ..... Rent expense...... Salaries expense ..... . Depreciation expense.... Totals . . . . . . . . . . . . 6,500 78,000 $ 14,000 10,000 43,000 20,600 8,000 75,000 18,000 37,100 7,000 $162,600 $162,600 a.Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31 and its balance sheet as of December 31. The company paid cash dividends of $8,000, and there were no stock issuances or repurchases during the year. b. Prepare journal entries to close Beneish's temporary accounts. c.Set up T-accounts for each account and post the closing entries