Based on the adjusted trial balance the additional information, prepare an Income Statement, Balance Sheet, Stmt of Changes in Stockholder's Equity Stmt of Cash Flows Music Warehouse Adjusted Trial Balance December 31, 2008 Debit. Credit Cash. $24,675 Accts Receivable 5,625 inventory. 65,980 Land. 93,000 Building 289,000 Accumulated Depreciation. 75,000 Notes Payable. 85,000 Accts Payable. 53,600 Interest Payable. 4,750 Common Stock 10,000 Additional Paid-in Capital. 120,000 Dividends. 10,000 Retained Earnings. 59,980 Sales. 937.500 Sales Discounts. 22,675 Cost of Goods Sold. 723,000 Salaries. 81,000 Utilities. 8.900 Repairs & Maintenance. 5,225 Telephone. 2,850 interest Expense. 4,400 Depreciation Expense. 9,500 $1,345,830. 1,345,830 Loss as a result of hurricane damage on the building: $17,000(assume that the building is not located in an area that sustains frequent hurricane damage) 'Loss because of the discontinuation of the cassette tape music segment: $26,875 Beginning of the year balance of common stock $8,000 (assume that changes are related to issuance of common stock) Beginning of the year balance of additional paid-in capital: $102,000 Effective income tax rate: 35% Based on the adjusted trial balance the additional information, prepare an Income Statement, Balance Sheet, Stmt of Changes in Stockholder's Equity Stmt of Cash Flows Music Warehouse Adjusted Trial Balance December 31, 2008 Debit. Credit Cash. $24,675 Accts Receivable 5,625 inventory. 65,980 Land. 93,000 Building 289,000 Accumulated Depreciation. 75,000 Notes Payable. 85,000 Accts Payable. 53,600 Interest Payable. 4,750 Common Stock 10,000 Additional Paid-in Capital. 120,000 Dividends. 10,000 Retained Earnings. 59,980 Sales. 937.500 Sales Discounts. 22,675 Cost of Goods Sold. 723,000 Salaries. 81,000 Utilities. 8.900 Repairs & Maintenance. 5,225 Telephone. 2,850 interest Expense. 4,400 Depreciation Expense. 9,500 $1,345,830. 1,345,830 Loss as a result of hurricane damage on the building: $17,000(assume that the building is not located in an area that sustains frequent hurricane damage) 'Loss because of the discontinuation of the cassette tape music segment: $26,875 Beginning of the year balance of common stock $8,000 (assume that changes are related to issuance of common stock) Beginning of the year balance of additional paid-in capital: $102,000 Effective income tax rate: 35%