a. An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,464 are available at year-end. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On September 1, WTI agreed to do five training courses for a client for $2,600 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $13,000 cash in advance for all five training courses on September 1 , and WTI credited Unearned Revenue. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31,$13,153 of the tuition revenue has been earned by WTI. g. WTI's two employees are pald weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Training revenue Depreciation expense-Professional Library Depreciation expense-Equipment Salaries expense. 39,379 Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals \begin{tabular}{rr} 0 & 39,379 \\ 0 & \\ 49,743 & \\ 0 \\ 22,803 & \\ 0 & \\ 7,254 & \\ 5,803 & \\ \hline$314,067 & $314,067 \\ \hline \end{tabular} The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained Earnings account balance was $127,000 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31 . 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year. Complete this question by entering your answers in the tabs below. a. An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,464 are available at year-end. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On September 1, WTI agreed to do five training courses for a client for $2,600 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $13,000 cash in advance for all five training courses on September 1 , and WTI credited Unearned Revenue. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31,$13,153 of the tuition revenue has been earned by WTI. g. WTI's two employees are pald weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Training revenue Depreciation expense-Professional Library Depreciation expense-Equipment Salaries expense. 39,379 Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals \begin{tabular}{rr} 0 & 39,379 \\ 0 & \\ 49,743 & \\ 0 \\ 22,803 & \\ 0 & \\ 7,254 & \\ 5,803 & \\ \hline$314,067 & $314,067 \\ \hline \end{tabular} The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained Earnings account balance was $127,000 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31 . 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year. Complete this question by entering your answers in the tabs below