The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company?s reporting year-end.

Required:1. Enter the account balances in T-accounts.2. From the trial balance and information given, prepare adjusting entries and post to the accounts.a. The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method.b. The office equipment is depreciated at 10 percent of original cost per year.c. Prepaid insurance expired during the year, $1,000.d. Accrued salaries at year-end, $1,500.e. Deferred rent revenue at year-end should be $1,200.3. Prepare an adjusted trial balance.4. Prepare closing entries.5. Prepare a post-closing trial balance.

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Credits Account Title Debits Cash 8,000 Accounts receivable 9,000 Prepaid insurance 3,000 Land 200,000 Buildings 50,000 Accumulated depreciation-buildings 20,000 Office equipment Accumulated depreciation-office equipment Accounts payable Salaries payable 100,000 40,000 35,050 -0- Deferred rent revenue -0- Common stock 200,000 Retained earnings 56,450 90,000 Service revenue Interest revenue 3,000 Rent revenue 7,500 Salaries expense 37,000 Depreciation expense Insurance expense -0- -0- Utilities expense 30,000 Maintenance expense 15,000 452,000 Totals 452,000