Accounts of Pioneer Heating Corporation at the end of the first year of operations showed the following balances. In addition, prepaid operating expenses are $4,000, and accrued sales commissions payable are $5,900. Investment revenue receivable is $1,000. Depreciation for the year on buildings is $4,500 and on machinery, $5,000. Federal and state income taxes for the year are estimated at $18,100.

1. Prepare the necessary entries to adjust and close the books.
2. Prepare a post-closing trialbalance.

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Debit Credit Cash Inventory Investment .. Land Buildings Machinery Accounts Payable Common Stock Additional Pald-In Capital Sales Cost of Goods Sold Sales Commissions General Operating Expenses... Investment Revenue $39.000 50,000 50,000 70,000 180,000 100,000 $65,000 320,000 40,000 590,000 230.000 200,000 101.000 5,000 Totals $1,020,000 $1,020,000