$7,700 20,000 Presented below is an adjusted trial balance for Shawn Company, at December 31, 2019 Cash Accounts receivable Prepaid insurance 15,000 Equipment 35,000 Accumulated depreciation- 14,000 Accounts payable 10,000 Notes payable 9,000 Unearned service revenue 16,000 Owner's capital 24,000 Owner's Drawings 1,500 Service revenue 29,000 Depreciation expense 7,000 Advertising expense 1,400 Rent expense 800 Salaries and wages expense 12,000. Insurance expense 1,600 $102,000 $102,000 Instructions (a) Prepare Income statement (3 marks) (b) Prepare closing entries (7 marks)