Homez Company uses the perpetual inventory procedure. Given below is an abbreviated balance sheet for the company as of Dec. 31, 2019: Current Assets: Cash 20,000 1 Accounts Receivable 40,000 90,000 7,000 157,000 Inventory Prepaid Expenses Total Current Assets Fixed Assets: Land Buildings Less Accumulated Depreciation Equipment 20,000 140,000 60,000 80,000 42,000 10,000 32,000 #2 Less Accumulated Depreciation Total Fixed Assets Total Assets 132,000 289,000 22,000 2,600 Current Liabilities: Accounts Payable Income Taxes Payable Accrued Expenses Payable Total Current Liabilities 4,400 29,000 Long-Term Liabilities: 140,000 Bonds Payable, 7% due 2027 Notes Payable 6,000 Total Long-Term Liabilities 146,000 Stockholders'Equity: Capital Stock ($10 50,000 par, 5,000 shares) Retained 64,000 Earnings Total 114,000 Stockholders'Equity Total Liabilities & 289,000 Equity The summarized transactions of the Homez Company for 2020 are below: #4 a. Sales on account 410,000 Purchases of merchandise 209,000 on account Cost of goods sold for the 200,000 year Collections from 440,000 customers on account e. Paid vendors on account 194,000 Paid for prepaid expenses 7,000 during the year Of the prepaid expenses, the amount that became 9,000 miscellaneous expenses during the year Interest expense paid in 6,200 cash #5 : Payroll expense accrued 133,000 during the year Paid accrued operating 135,000 expenses 1. Paid accrued income taxes 2,200 Depreciation expense on 16,000 "building Depreciation expense on 6,200 equipment New equipment purchased 25,000 for cash Income taxes are to be p. accrued at the rate of 35 percent. Dividends declared and 4,000 paid Required: #6 A. Post the entries from the summarized transactions above into the ledger accounts provided, being careful to keep the running balances of all accounts in the ledger. (Please note that you will not be able to post transaction "p" for the income tax accrual until the income statement is almost complete.) B. Prepare an income statement for Homez Company for the year ending Dec. 31, 2020. C. Prepare a statement of retained earnings for Homez Company for the year ending Dec. 31, 2020. D. Prepare a balance sheet for Homez Company as of Dec. 31, 2020