The Toso Company uses the retail inventory method. The following information is available for the year ended December 31, 2018:

Cost Retail
Inventory 1/1/2018 $ 390,000 $ 650,000
Net purchases for the year 1,402,000 1,835,000
Net markups 75,000
Net markdowns 45,000
Net sales 1,845,000

Applying the average cost retail inventory method, Toso's inventory at December 31, 2018, is estimated at:

a. $477,392

b. $469,000

c. 395,159

d. $405,035

During march, the business engaged in the following transactions: a. borrowed $45,000 from the bank and signed a note payable in the name of the business. b. paid cash of $40,000 to acquire land. c. performed service for a customer and received cash of $5,000. d. purchased supplies on account, $300. e. performed customer service and earned revenue on account, $2,600. f. paid $1,200 on account. g. paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400. h. received $3,100 on account. i. received a $200 utility bill that will be paid next week. j. paid cash dividends of $1,800. required: 1.) prepare journal entries for each transaction. enter journal entries by the transaction letter. 2.) prepare the trial balance of my motors, inc. at march 31, 20xx. 3.) prepare financial statements for my motors, inc. for the period ending march 31, 20xx. (income statement and balance sheet)