1. The following trial balance was taken from the books of P&I Inc. on December 31, 2022. Account Cash Accounts Receivable Inventory Debit $ 94,000 175,000 243,000 Credit Supplies Equipment Accumulated Depreciation--Equip. Accounts Payable Notes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Expense Rent Expense Totals The following supplemental information is also available. 14,500 524,000 104,800 67,500 250,000 200,000 110,100 995,000 458,000 98,300 120,600 $1,727,400 $1,727,400 a. A count of supplies on December 31, 2022, indicated supplies with a cost of $7,000 were on hand as of that date. b. Annual depreciation on equipment is 50,000 and has not yet been recorded. C. The $250,000 Note Payable represents a 10-year loan P&I Inc. received from First Street Bank on August 1, 2022 at a 6% interest rate. Interest payments are due annually beginning on July 31, 2023. d. Salaries and wages earned but not yet paid at December 31 were $2,300. Required: Prepare all necessary adjusting entries for P&I Inc., then prepare P&I Inc. closing entries for 2022.