1. value: 10.00 points Cayuga Ltd. prepared the following trial balance at the end of its first year of operations ending December 31, 2018. To simplify the case, the amounts given are in thousands of dollars. Other data not yet recorded at December 31, 2018, are as follows: Account Titles Cash Accounts receivable Prepaid insurance Machinery (20-year life, no residual value) Accumulated depreciation Accounts payable Wages payable Income taxes payable Contributed capital (7,000 shares) Retained earnings (deficit) Revenues (not detailed) Expenses (not detailed) Unadjusted Debit Credit 41 12 9 140 14 12 119 7 99 35 Totals 244 244 a. Insurance expired during 2018, $7. b. Depreciation expense for 2018, $7. c. Wages payable, $11. d. Income tax expense, $12. Required: 1. Prepare the adjusting entries for 2018. (Enter your answers in thousands of dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 4-c. Using the adjusted balances, prepare a statement of financial position. (Enter your answers in thousands of dollars. Negative amounts should be indicated by minus sign.) CAYUGA LTD. Statement of Financial Position As at December 31, 2018 (In thousands of dollars) Assets $ 140 12 Machinery, at cost Accounts receivable Accumulated depreciation Cash Prepaid insurance 14 $ 41 91 50 Total assets $ 216 Liabilities $ 12 Accounts payable Wages payable Income taxes payable 11 12 Total liabilities 35 Shareholders' Equity Contributed capital $ 14 Retained earnings 12 26 Total liabilities and shareholders' equity $ 61 6. Using the adjusted balances, prepare the closing entries for 2018. (Enter your answers in thousands of dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record entry to transfer revenues to income summary. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal