Use the information about Sundre Trucking Inc. (Sundre) provided in Problem P3-16 to do the following:

a. Prepare all necessary transactional journal entries for the year ended December 31, 2014.

b. Prepare T-accounts and post each journal entry to the appropriate T-account.

c. Prepare and post adjusting journal entries to their appropriate T-accounts.

d. Prepare a trial balance as of December 31, 2014.

e. Prepare a balance sheet for Sundre as of December 31, 2014 and an income statement and statement of retained earnings for the year ended December 31, 2014.

Prepare the closing journal entry and post the closing entry to the appropriate T-accounts.

g. Prepare an after-closing trial balance as of December 31, 2014.

h. The North American economy is booming and there is a lot of work for shipping companies like Sundre. However, the competition is fierce and success and failure are defined by how efficient a company is and how well it services its customers.

Sundre’s managers would like to upgrade its fleet by adding two new trucks and making significant improvements to its existing vehicles. Based on your examination of the statements, what can you tell about Sundre that would be useful to your decision to lend it $125,000? Also, list five questions you might ask Sundre’s management that would help you use the financial statements more effectively.