ABC Corp. provided the following balances on March 31, 2024:

• Cash: $25,000
• Accounts Receivable: $15,000
• Supplies: $3,000
• Accounts Payable: $9,000
• Interest Payable: $2,000
• Buildings: $50,000
• Accumulated Depreciation: $8,000
• Mortgage Payable: $30,000
• Common Stock: $25,000
• Retained Earnings: $19,000

Requirements:

1. Prepare a trial balance.
2. Journalize adjusting entries for:
   • Depreciation expense: $3,000
   • Supplies used: $1,000
3. Prepare an adjusted trial balance.
4. Draft a statement of retained earnings.
5. Describe the role of depreciation in financial reporting.