General ledger balances on 31 December 2022 were: rent received $7150, interest received $3100, insurance $2580, equipment

$17 000 and accumulated depreciation – equipment $3000. The adjustments for the end of the year were as follows.

• January 2023 rent $550 had been deposited in December 2022.

• Interest of $800 was due but not yet received.

• Insurance was prepaid by $610.

• Equipment was depreciated at 17% p.a.

Prepare adjusting journal entries for the year ended 31 December 2022 and extracts of income statement and balance sheet. You may wish to prepare the closing journal entries as well. Also prepare reversal journal entries on 1 January 2023.