The following summarized transactions (in thousands of dollars) occurred during the year ended December 31, 20x2 for Ruiz Pharmacy, a publicly accountable entity: a. Merchandise inventory purchased on account was $520. b. Total sales were $900, of which 80% were on credit. c. The merchandise inventory as at December 31, 20x2 was $240. d. Collections from credit customers were $700. e. The notes receivables are from a major supplier of vitamins. Interest for twelve months on all notes was collected on May 1. The rate is 12% per annum. f. The principal on the current notes was collected on May 1, 20x2. The principal on the remaining notes is payable on May 1, 20x5. Cash disbursements were: g. To trade creditors, $500. h. To employees for wages, $193. i. For miscellaneous expenses such as store rents, advertising, utilities and supplies, which were all paid in cash, $189. j. For new equipment acquired on July 1, 20x2, $74. k. To the insurance company for a new three-year fire insurance policy effective September 1, 20x2, $36. l. To the Canada Revenue Agency for income taxes, $19. m. The board of directors declared cash dividends of $26 on December 15 to be paid on January 21. The following adjustments were made on December 31, 20x2: n. For the interest on the note receivable. o. For insurance. p. For depreciation - depreciation expense for 20x2 was $30. q. Wages earned but unpaid, December 31, 20x2, $15 r. Total income tax expense for 20x2 is $20, computed as 40% of pretax income of $50.00 Required - 1 Post all of the above transactions in T-Accounts. 2 Prepare an income statement, statement of retained earnings and balance sheet for 20x2.