Note: Use a negative sign with your accumulated depreciation answer. Beneish Corporation Balance Sheet December 31 Assets Liabilities 0 Accounts receivable 0 0 Equipment gross 0 Total liabilities 0 Accumulated depreciation Common stock 0 Equipment net 0 . 0 Total assets Total liabilities and equity s 0 (b) Prepare journal entries to close Beneish's temporary accounts. GENERAL JOURNAL Ref. Description Debit Credit 0 0 0 To close revenue account. 12) 0 0 0 0 To close rent expense account. (3) . 0 0 0 0 To close salaries expense account. 0 0 . 0 0 To close depreciation expense account. . 15) 0 0 0 0 To close dividend account. (C)Set up T-accounts for each account and post the closing entries. Note: Only those ledger accounts affected by closing process are shown here. Enter beginning balances in the appropriate answer box. Enter transactions in the T-accounts in the order they appear, using first available answer box on the appropriate side of the T-account. Compute the ending balances. Retained Earnings Service Fees Earned Rent Expense 0 Beg Bal Beg Bal O End Bal End Bal 0 Beg Bal 0 0 0 0 0 0 0 0 0 0 End Bal. Salaries Expense Dividends Depreciation Expense 0 0 0 Beg Bal End Bal. Beg Bal End Bal Beg Ba End Bal 0 0 0 0 O Preparing Financial Statements and Closing Entries Beneish Corporation has the following account balances at December 31, the end of its fiscal year. BENEISH CORPORATION Adjusted Trial Balance December 31 Debit Credit Cash $8,000 Accounts receivable 13.000 Equipment 156.000 Accumulated depreciation $ 28,000 Notes payable 20,000 Common stock 86,000 Retained earings 41,200 Dividends 16,000 Service fees earned 142,000 Rent expense 36.000 Salaries expense 74.200 Depreciation expense 14.000 Totals $317.200 $317,200 (a) Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance sheet as of December 31. There were no stock issuances or repurchases during the year. (Do not use negative signs with your answers unless otherwise noted.) Beneish Corporation Income Statement For Year Ended December 31 Service fees earned 142000 Rent expense 36000 Salaries expense 74000 Depreciation expense 14000 Net income 180000 Note: Use a negative sign for any answer that decreases the balance. Beneish Corporation Statement of Stockholders' Equity For Year Ended December 31 Common Stock Retained Earnings Total Stockholders' Equity Balance at December 31, Beg $ 0$ Stock issuance 0 0 OS 0 0 0 0 0 0 0 Net income Balance at December 31. End 3 0 0$ OS 0