2. The account balances (in thousands) appearing on the trial balance (below) were taken from the general ledger of Young Baker Ltd. at December 31, 2018. Igone income tax. Additional information (in thousands) for the month of December which have not yet been recorded in the accounts are as follows. (20 marks) .The amount of insurance that expired in the month of December was 200. .A physical count of supplies indicates 600 on hand at December 31. . Salaries owed for the month of December was Y1,100 but will not be paid until January 2019 Depreciation on equipment for December was 500 Required 1). Using the above information, prepare the adjusted entries. 2). Prepare the income statement, retained earnings statement and balance sheet for the period ended December 31, 2018. 3) prepare the closing entries for the business. Adjusted Trial Balance Unadjusted Trial Balance DebitCredit 1000 1100 2200 24000 Account Titles Cash Supplies Prepaid Insurance Equipment Accum. Depreciation- Equipment Accounts Payable Notes Payable Share Capital-Ordinary Retained Earnings Dividends Service Revenue Utilities Expense Totals Debit Credit 4500 2400 4000 5300 10000 2400 4900 400 3110031100