Problem 21.2A Completing a corporate worksheet, recording adjusting and closing entries, preparing an income statement and balance sheet. LO 21-2, 21-3, 21-4, 21-11 Bruin Corporation has been authorized to issue 5,000 shares of 12 percent noncumulative, nonparticipating preferred stock with a par value of $100 per share and 200,000 shares of common stock with a par value of $10 per share. As of December 31, 2019, 2,500 shares of preferred stock and 20,000 shares of common stock had been issued. A condensed trial balance as of December 31, 2019, is provided below. Credit Bruin Corporation Trial Balance (Condensed) December 31, 2019 Account Name Debit 48,370 Accounts Receivable 154,700 Allowance for Doubtful Accounts Income Tax Refund Receivable 100,000 109,000 Buildings 343,200 Accumulated Depreciation Buildings Equipment 268,000 Accumulated Depreciation Equipment Accounts Payable Dividends Payable-Preferred Dividends Payable common Accrued Expenses Payable Income Tax Payable Preferred Stock, 12% Paid-in Capital in Excess of Par Value Preferred 42,900 26,800 139,420 30.000 18,000 250,000 25,000 25,000 200,000 123,500 1,145,550 Paid in Capital in Excess of Par Value Preferred Common Stock Retained Earnings Sales (Net) Purchases Selling Expenses Control General Expenses Control Amortization of Organization costs Income Tax Expense Income Summary Totals 60,000 164,600 78,500 2,004,070 2,004,070 References Additional Information: a. Ending merchandise inventory is $114,000. Close the beginning inventory and set up the ending Inventory. b. Depreciation of buildings is $14,300 ($10,900 is selling expense; $3,400 is general expense). c. Depreciation of equipment is $26,800 ($17,900 is selling expense: $8,900 is general expense). d. Accrued expenses are $9.800 ($6,900 is selling expense: $2.900 is general expense). e. The balance in Allowance for Doubtful Accounts is adequate. f. The $51.700 balance in Income Tax Expense represents the quarterly tax deposits. Adjust the Income Tax Expense account using the following procedure: (1) Extend the adjusted income and expense items to the Income Statement columns of the worksheet and compute the net income before taxes. (2) Assuming that taxable income is the same as net income before income taxes, use Table 1 to compute the federal income tax. Round the computed tax to the nearest whole dollar. Ignore state and local income taxes. Required: 1. & 3. Complete the worksheet. Enter the values of Selling Expenses control account and General Expenses control account 1. & 3. Complete the worksheet Enter the values of Selling Expenses control account and General Expenses control account Individually 2. Prepare the general Journal entries from the above transactions as of December 31, 2019 4. Prepare a condensed income statement for the year 5. Prepare a balance sheet as of December 31, 2019. The balance of Retained Earnings on January 1, 2019, was $171.500. All dividends for the year were declared on December 5, 2019, and are payable January 4, 2020 6. Journalize the closing entries on December 31 ook References Analyze: Assume that dividends were declared in equal amounts over the four quarters of 2019. What percentage of Bruin Corporation's annual income before tax was spent on dividends to stockholders? Complete this question by entering your answer in the tabs below. General Worksheet Income Stmt Balance Sheet Closing Entries Complete the worksheet. here, good a picture Problem 21.2A Completing a corporate worksheet, recording adjusting and closing entries, preparing an income statement and balance sheet. LO 21-2, 21-3, 21-4, 21-11 Bruin Corporation has been authorized to issue 5,000 shares of 12 percent noncumulative, nonparticipating preferred stock with a par value of $100 per share and 200,000 shares of common stock with a par value of $10 per share. As of December 31, 2019, 2,500 shares of preferred stock and 20,000 shares of common stock had been issued. A condensed trial balance as of December 31, 2019, is provided below. Credit Bruin Corporation Trial Balance (Condensed) December 31, 2019 Account Name Debit 48,370 Accounts Receivable 154,700 Allowance for Doubtful Accounts Income Tax Refund Receivable 100,000 109,000 Buildings 343,200 Accumulated Depreciation Buildings Equipment 268,000 Accumulated Depreciation Equipment Accounts Payable Dividends Payable-Preferred Dividends Payable common Accrued Expenses Payable Income Tax Payable Preferred Stock, 12% Paid-in Capital in Excess of Par Value Preferred 42,900 26,800 139,420 30.000 18,000 250,000 25,000 25,000 200,000 123,500 1,145,550 Paid in Capital in Excess of Par Value Preferred Common Stock Retained Earnings Sales (Net) Purchases Selling Expenses Control General Expenses Control Amortization of Organization costs Income Tax Expense Income Summary Totals 60,000 164,600 78,500 2,004,070 2,004,070 References Additional Information: a. Ending merchandise inventory is $114,000. Close the beginning inventory and set up the ending Inventory. b. Depreciation of buildings is $14,300 ($10,900 is selling expense; $3,400 is general expense). c. Depreciation of equipment is $26,800 ($17,900 is selling expense: $8,900 is general expense). d. Accrued expenses are $9.800 ($6,900 is selling expense: $2.900 is general expense). e. The balance in Allowance for Doubtful Accounts is adequate. f. The $51.700 balance in Income Tax Expense represents the quarterly tax deposits. Adjust the Income Tax Expense account using the following procedure: (1) Extend the adjusted income and expense items to the Income Statement columns of the worksheet and compute the net income before taxes. (2) Assuming that taxable income is the same as net income before income taxes, use Table 1 to compute the federal income tax. Round the computed tax to the nearest whole dollar. Ignore state and local income taxes. Required: 1. & 3. Complete the worksheet. Enter the values of Selling Expenses control account and General Expenses control account 1. & 3. Complete the worksheet Enter the values of Selling Expenses control account and General Expenses control account Individually 2. Prepare the general Journal entries from the above transactions as of December 31, 2019 4. Prepare a condensed income statement for the year 5. Prepare a balance sheet as of December 31, 2019. The balance of Retained Earnings on January 1, 2019, was $171.500. All dividends for the year were declared on December 5, 2019, and are payable January 4, 2020 6. Journalize the closing entries on December 31 ook References Analyze: Assume that dividends were declared in equal amounts over the four quarters of 2019. What percentage of Bruin Corporation's annual income before tax was spent on dividends to stockholders? Complete this question by entering your answer in the tabs below. General Worksheet Income Stmt Balance Sheet Closing Entries Complete the worksheet. here, good a picture