Trial Balance as of December 31, 2016 Accounts Value in s Cash 7500 Accounts Receivable 12.500 Merchandise Inventory 30.000 Store Supplies 1.500 Office Supplies 450 Prepaid Insurance Experie 2.000 Store Equipment 35 500 Accumulated Depreciation, Store Equipment 7.100 Office Equipment 7.000 Accumulated Depreciation Office Equipment 1.950 Accounts Payable 1.600 Salaries Payable Income Tax Payable Common Stock 42.000 Retained Earnings 11.500 Sales 360.000 Sales Returns and Allowances 3.600 Purchases 250.000 Purchase Retums and Allowances 1.200 Purchase Discounts 3.000 Transportation - In Expenses 3.500 Sales Salaries Ixpenses 25.500 Rent Expense. Selling Space 13 500 Store Supplies Expanse 0 Depreciation Expense, Store Equipment Omice Salaries Expense 2 500 Rent Expense Office Space 1.800 Office Supplies Expense Insurance Expose Depreciation Expense, Office Equipment Income Tax Expense S 500 Additional Information Retained Earnings at the beginning of year, were $27.500 and dividends paid during the year were $16.000 b. Store supplies inventory at year end: 5350 c. Office supplies inventory at year end: 5160 d. Expired portion of prepaid insurance: $1,550 & Store equipment was bought on January 2014. Estimated life was 10 years with no salvage value Straight line depreciation method is applied for store equipment [ Office equipment was bought on July 2014. Estimated life was 5 years with a salvage value of 5500. Straight line depreciation method is applied for office equipment Accrued salaries payable: 5350 h Accrued office salaries payable: 5250 i. Additional income tax expense: 5750 Ending merchandise inventory: 542,500 Required: 1. Using Cost of Goods Sold Model, calculate COGS and joumalize the necessary catries (5 2. Journalize the adjustment entries given in the additional information part of the question 19 points) 3. Prepare Adjusted Trial Balance (10 points) 4. Prepare Income Statement (10 points) 5. Prepare Changes in Equity Statement (5 points) 6- Prepare Balance Sheet (10 points)