11. The following is a partial list of financial statement items from the records of TRI Corporation at December 31, 2019. Prepaid rent 48,000 Prepaid insurance 12,000 Equipment 50,000 Salaries expense 35,000 Unearned fee income 30,000 Required: There are five adjustments that need to be made before the financial statements for the year ended Dec. 31, 2019 can be prepared. Journalize each adjusting entry in the General Journal. [Show all your computations). (15 pts.) 1 (1) The equipment, purchased on May 1, 2019 has an estimated useful life of 4 years, and a salvage value of $2,000. (2) The 12-months insurance policy was purchased on June 1, 2019. (3) The accounting records show that one-third of the fees that were collected in advance from a customer have now been earned. (4) The rent payment is for 12 months beginning on the date of payment, March 1, 2019 (5) On December 31, 2019, the company owed salaries to the employees for a total amount of $15,000. Name and describe the 4 common cost flow methods that GAAP accounting has to account for (or manage) Inventory. 15 points III. 1. 2. 3. 4. If inventory costs are rising, which method (FIFO, LIFO, or weighted average cost) results in the highest net income? Explain your