Following is the unadjusted trial balance of Troy Corporation at the end of its first year of operations, December 31, 2020: Аcct. Balance No. Account Debit Credit 101 Cash $60,000 110 6,000 2,400 1,000 Accounts receivable Prepaid insurance Office supplies 161 173 184 Truck 10,000 $-0- 9,000 Acc. dep. – truck Accounts payable Salaries payable Unearned rent revenue 194 210 226 -0- 248 4,800 Income taxes payable Share capital Dividends 260 -0- 320 8,000 350 2,000 410 Commissions earned 80,000 440 Rent earned -0- 610 Advertising expense Commissions expense 500 615 1,500 624 Dep. expense - truck -0- 631 Insurance expense -0- 632 Interest expense 500 654 Rent expense 5,000 8,000 656 Salaries expense Office Supplies expense Telephone expense 668 -0- 669 600 830 Income taxes expense 4,300 $101,800 $101,800 The following additional information is available: Prepaid insurance is for a 12-month insurance policy that was purchased on July 1st for $2,400. Inventory of office supplies is valued at $100 at December 31. The truck was purchased on April 1; it has an estimated useful life of 5 years and a salvage value of 1,000 Employees worked the last three days of December earning $500 each day. The pay period for this is on Jan 5th. Unearned rent represents a payment for 3 months rent. The payment was received on December 1st. Income taxes expense for the year is $5,000. The amount in income tax expense is what the company has paid during the year. Full tax payment is due next year. a. b. C. d. е. f. Required: Prepare all necessary adjusting entries at December 31, 2020, including general ledger account numbers. Prepare an adjusted trial balance at December 31, 2020. Prepare an income statement, statement of changes in equity, and statement of financial position. Prepare closing entries including general ledger account numbers and descriptions. Use 360 for the Income Summary account and 340 for Retained Earnings. 1. 2. 3. 4. 5. Prepare a post-closing trial balance.