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Problem 1: Abenson Corporation Abenson Corporation operates a retail store in which it sells household appliances. Abenson's ledger had the following account balances as of January 1, 1997: The company had the following transactions in 1997: 1. Sales on account, $3,000,000. 2. Collection from customer accounts, $2,400,000. Purchase of merchandise, on account, $1,600,000. Cost of merchandise sold, $1,550,000. Salaries earned by employees, $380,000. Salaries paid to employees, $3 85,000. Cost of other services purchased on account and used, $130,000. Payments to suppliers of other merchandise purchase on account, $1,450,000. Payments to the owner of the building in which the Abenson store was located, for the right to use store premises for one year (from July 1, 1997 to June 30, 1998), $132,000. (Fixed rental cost per month.) 10. Rental costs applicable to 1997 (to be calculated). The beginning balance in Prepaid Rent was the rent for six months ending June 30, 1997. 11. Delivery vans purchased for cash $80,000. The company classify delivery vans as equipment. 12. Depreciation on equipment, $40,000. 13. Dividends declared, $80,000. 14. Dividends paid, $75,000. PWHP'MPE" Prepare the journal entries in Excel. Make sure it is balanced per transaction. Prepare the balance sheet for January 1, 1997. Prepare an income statement for the year 1997. Prepare a balance sheet as of Dec 31, 1997. 99 9"?\