An analysis of WTI's insurance policies shows that $$3,600$ of coverage has expired.

b$.$ An inventory count shows that teaching supplies costing $$3,120$ are available at year$-$end.

c$.$ Annual depreciation on the equipment is $$14,400.$

d$.$ Annual depreciation on the professional library is $$7,200.$

e$.$ On September $1,$ WTI agreed to do five training courses for a client for $$2,700$ 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

$$13,500$ 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,$$$10,950$ of the tuition revenue has been earned by WTI.

WTI's two employees are paid 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.

$3-$a$.$ Prepare Wells Technical Institute's income statement for the year.

$3-$b$.$ Prepare Wells Technical Institute's statement of owner's equity for the year. The T$.$ Wells, Capital account balance was $$102,767$ on

December $31$ of the prior year, and there were no owner investments in the current year.

$3-$c$.$ Prepare Wells Technical Institute's balance sheet as of December $31.$