1. The End of the Accounting Cycle - the closing process (The return of Whiplash, Ltd.!): The financial statements for Whiplash, Ltd. for 2019 are given below. Given these financial statements, complete the following: PART A - Record closing entries: Record all four closing journal entries using the information in the financial statements given below. For revenue and expense accounts, don't forget to close to the 'Income Summary' account first before closing the net income/loss) amount to Retained Earnings. PART B - Prepare a post-closing trial balance: After completing PART A, prepare a post-closing trial balance for Whiplash, Ltd. as of December 31st, 2019 with the list of accounts in the following order: assets, liabilities, common stock, and retained earnings. Whiplash, Ltd. Income Statement For the year ended 12/31/2019 Revenues: Service Revenue Interest Revenue Total Revenues $ $ $ 25,920 900 26,820 Expenses: Rent Expense Utilities Expense Wages Expense Depreciation Expense Total Expenses $ $ $ $ 4,000 760 16,000 2,200 22,960 $ Net Income $ 3,860 Whiplash, Ltd. Statement of Stockholders' Equity For the year ended 12/31/2019 Common Retained Total Stock Earnings SHE Beginning Balance, as of 1/1/2019 $ 5,000 $ 9,155 $ 14,155 Issuance of Common Stock $ Net Income (or loss) $ 3,860 $ 3,860 Dividends $ (450) S (450) Ending Balance, as of 12/31/2019 $5,000 $ 12,565 $ 17,565 0 - Whiplash, Ltd. Balance Sheet As of 12/31/2019 ASSETS: Current Assets: Cash A/R Prepaid Rent Total Current Assets $ $ $ $ 15,920 12,745 20,000 48,665 Long-term Assets: Equipment Accumulated Depreciation Total Long-term Assets $ $ $ 12,000 (3,500) 8,500 TOTAL ASSETS $ 57,165 LIABILITIES AND STOCKHOLDERS' EQUITY: Liabilities: Current Liabilities: A/P $ 8,440 Wages Payable $ 5,420 Utilities Payable $ 190 Interest Payable $ 200 Deferred Revenue $ 1,350 Total Current Liabilities $ 15,600 Long-term Liabilities: Notes Payable $ 24,000 TOTAL LIABILITIES $ 39,600 Stockholders' Equity: Common Stock $ Retained Earnings $ Total Stockholders' Equity $ 5,000 12,565 17,565 TOTAL LIABILITIES AND SHE: $ 57,165