1- Prepare the annual adjusting entries necessary on December 31.

2- What amounts should be shown for each of the following on the income statement for the year?

The accounts listed below appeared in the December 31 trial balance of the Savard Theater Debit Credit Equipment Accumulated Depreciation-Equipment Notes Payable Admissions Revenue Advertising Expense Salaries and Wages Expense Interest Expense $ 199,360 64,480 89,600 382,130 14,570 59,720 1,394 Your answer is partially correct. Try agairn From the account balances listed above and the information given below, prepare the annual adjusting entries necessary on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,250.) (1) The equipment has an estimated life of 16 years and a salvage value of $23,840 at the end of that time. (Use straight-line method.) (2) The note payable is a 90-day note given to the bank October 20 and bearing interest at 8%. (Use 360 days for denominator.) (3) In December, 2,700 coupon admission books were sold at $30 each. They could be used for admission any time after January 1 (4) Advertising expense paid in advance and included in Advertising Expense $1,550 (5) Salaries and wages accrued but unpaid $5,100 No. Account Titles and Explanation Debit Credit (1) Equipment 10970