The adjusted trial balance for Penrod Insurance Consultants, Inc., follows:

a. Prepare an income statement for the year ended December 31, 1999.

b. Prepare a statement of retained earnings.

c. Prepare a classified balance sheet.

d. Prepare the closing journal entries.

e. Show the post-closing trial balance assuming you had posted the closing entries to the general ledger.

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PENROD INSURANCE CONSULTANTS, INC. Adjusted Trial Balance December 31, 1999 Cash Accounts Receivable Interest Receivable Notes Receivable. Prepaid Insurance Supplies on Hand.. Land Buildings Debits Credits $107,200 68,000 400 20,000 2,400 1,800 32,000 190,000 $ 40,000 28,000 Office Equipment Accumulated Depreciation-Buildings. Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Interest Payable 8,000 48,000 8,500 900 Notes Payable (due 2000) 64,000 Capital Stock 120,000 Retained Earnings, January 1, 2000 42,800 Dividends. 40,000 Commissions Revenue 392,520 Advertising Expense 24,000 Commissions Expense 75,440 Travel Expense. 12,880 Depreciation Expense-Buildings. 8,500 Salaries Expense. 98,400 Depreciation Expense-Office Equipment 2,800 Supplies Expense 3,800 Insurance Expense 3,600 Repairs Expense. 1,900 Utilities Expense. 3,400