1. From the following adjusted trial balance for the 3rd quarter. Prepare the a. income statement b. owner's equity statement c. balance sheet ACCOUNT TITLES DEBIT CREDIT 95,600 50,000 20,000 170,000 Cash Accounts Receivable Prepaid Interest Equipment Accumulated depreciation- Equipment Accounts Payable Unearned service fees Salaries payable Long term notes payable Owner's capital Owner's withdrawals Repair Service Revenue Depreciation expenses Wages expenses Interest expenses Insurance expenses Rent expenses 57,000 30,000 22,000 13,000 50,000 178,500 30,000 188,300 28,500 85,000 6,000 5,700 48,000 Total 538,800 538,800 2. Prepare adjusting entries for the following i. ii. As on December 31, the company has earned commission, but it has not yet been billed nor recorded, $1,560 of commission earned. The company has only one machinery that is purchased at the start of this year. That asset had cost $40,000, had an estimated life of 7 years, and is expected to have $5,000 value at the end of the seven years