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Problem 4-26A (Static) Comprehensive cycle problem: Perpetual system LO 4-1, 4-2, 4-3, 4-4, 4-5, 4-6, 47 At the begining of Year 2, the Redd Company had the following balainees in its accounts. During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 110,n/30. The merchandise was delivered FOB shipping point. Freight costs of $190 were paid in cash. 2. Peturned $400 of the inventory it had purchased because the invertory was damaged in transit: The peller ogreed to poy the return freight cost: 3. Paid the amount due on its account payoble to Ross Company within the cash discount period. 4. Sold inventory that had cost $6,800 for $12,100 on eccount, undor terms 2/10, n/45. 5. Recelved merchandise returned from a customer, The merchandise originaty cost $900 and was sold to the customer for $1,680 cash. The customer was paid $1.680 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4 . Freight costs of $140 were paid in cash: 7. Callected the amount due on the account recelvable within the discount period. 8. Sold the land for $8.500. 9. Recognized accrued interest income of $600 40. Took o phytieat count indicating that $13,400 of inventory was on hand at the end of the accounting period. Aint Determine the 9. Recognized accrued interest income of $600. 10. Took a physical count indicating that $13,400 of inventory was on hand at the end of the accounting period. Hint: Determine the current balance in the inventory account before calculating the amount of the inventory write down. Required: a. Identify each of these events as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each event would affect the financial statements by placing a +for increase, - for decrease, and +^ - for increase and decrease under each of the components in the following statements model. Assume that the perpetual inventory method is used When an event has more than one part, use letters to distinguish the effects of each part. The first event is recorded as an example. b. Record the events in general journal format. Assume that the perpetual inventory method and gross method is used. c. Post the beginning balances and the events to the T-accounts. Note that these ledger accounts will also be used when posting the closing entry that is created in Parte. d. Prepare a multistep income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 2 . e. Use a single general journal entry to close all revenue, gain, and expense accounts to the rotained earnings account. Post the joumal entry to the ledger accounts and prepare a post-closing trial balance. Answer is not complete. Complete this question by entering your answers in the tabs below. Identify each of these events as asset source (AS), asset use (AU), asset exchaoge (AE), or claims exchange (CE) . Also explain how each avent would Reg B Prey. 1 of 2 Next \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Land } & \multicolumn{5}{|c|}{ Accounts Payable } \\ \hline \multirow[t]{3}{*}{ Beg. Bal. } & 7,0000 & & & Beg. Bal. & \multicolumn{2}{|c|}{\begin{tabular}{l|l} & \\ \end{tabular}} & \multirow[b]{2}{*}{10.} & \multirow[b]{2}{*}{0} \\ \hline & & 7,0000 & 8. 0 & & & 5,200 & & \\ \hline & & & & 2. & 4000 & & & \\ \hline & & & & 3a. & 480 & & & \\ \hline & & & & 3b. e & 4,752 & 4 & & \\ \hline End. Bal. & & & & End. Bal. & & & & \\ \hline & & & +1 & Ais & & & & \\ \hline \multicolumn{4}{|c|}{ Common Stock } & \multicolumn{5}{|c|}{ Retained Earnings } \\ \hline \multirow[t]{4}{*}{ Beg. Bal. } & & & & Beg. Bal. & 13,900 & ane & & \\ \hline & & & +1 & & & & & \\ \hline & & & & 13 & & 18 & & \\ \hline & & & 0 & & & 34 & & \\ \hline \multirow[t]{2}{*}{ End. Bal. } & & & 8 & End. Bal. & 13,900 & & & \\ \hline & & & & & 18 & & & \\ \hline \multicolumn{4}{|c|}{ Sales Revenue } & \multicolumn{4}{|c|}{ Cost of Goods Sold } & \\ \hline \multirow[t]{4}{*}{ Beg Bal. } & & & & Beg. Bal. & & & & \\ \hline & & & & & & & & \\ \hline & & & & & 17 & & & \\ \hline & & x7 & & & & +8 & & \\ \hline \multirow[t]{2}{*}{ End Bal } & & & & End. Bal. & & & & \\ \hline & & & & and & & 8 & & \\ \hline \end{tabular} Rea 8 Req D1 Prepare a multistep income statement for Year 2. Complete this question by entering your answers in the tabs below. Prepare a statement of changes in stockholders' equity for Year 2. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ REDD COMPANY } \\ \hline \multicolumn{5}{|c|}{ Balance Sheet } \\ \hline \multicolumn{5}{|c|}{ As of December 31, Year 2} \\ \hline \multicolumn{5}{|l|}{ Assets } \\ \hline Cash & 0 & $20,4960 & & \\ \hline Interest receivable & 0 & 6000 & & \\ \hline Inventory & 0 & 13,4000 & & \\ \hline Total assets & & & $ & 34,496 \\ \hline Liabilities & & & & 48 \\ \hline \multicolumn{5}{|l|}{ Stockhoiders' Equily } \\ \hline Common stock & 0 & s 15,0000 & & \\ \hline Retained earnings & 0 & 19.4960 & & \\ \hline Totat stocktoiders' eq. & & & & 34,496 \\ \hline Total liabilibes and sto & & & $ & 34,496 \\ \hline \end{tabular} Req D2 Req D4 ? Prepare a statement of cash flows for Year 2. (Cash outflows should be indicated with a minus sign.) Answer is not complete. Complete this question by entering your answers in the tabs below. Use a single general journal entry to close all revenue, gain, and expense accounts to the retained earnings account. (Ir no entry is required for a transactionvevent, select "No journal entry required" in the first account field.) Answer is not complete. Complete this question by entering your answers in the tabs below. Post the joumal entry to the ledger accounts and prepare a post-closing trial balance