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Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's insurance policies shows that $3,864 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,349 are available at year-end. C. Annual depreciation on the equipment is $15,458. d. Annual depreciation on the professional library is $7,729. e. On September 1, WTI agreed to do five 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 courses on September 1, and WTI credited Unearned Training Fees. 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, $12,250 of the tuition has been earned by WTI. g. 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. WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit $ Debit 26,340 10,129 15,197 2,027 30, 391 $ 9,119 102,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 16,210 24,000 0 13,500 20,640 85,000 40,523 103,332 38,496 48,628 0 22,297 0 7,092 5,673 $ 310,297 $310,297 3-a. Prepare Wells Technical Institute's income statement for the year. 3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $85,000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31. & Answer is not complete. Complete this question by entering your answers in the tabs below. DalallCE UNICUL 26,340 12,250 3,349 11,333 December 31 Assets Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciationEquipment Total assets 13,543 30,391 16,848 102,000 31,668 70,332 137,147 Liabilities Accounts payable Salaries payable Unearned training fees 24,000 400 8,100 Total liabilities 32,500 Equity Common stock 20,640 84,007 Retained earnings Total equity Total liabilities and equity 104,647 137,147 WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 Revenues Training fees earned $ 43,896 115,582 Tuition fees earned $ 159,478 Total revenues Expenses Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Utilities expense Advertising expense Depreciation expenseProfessional library 15,458 49,028 3,864 24,324 6,780 5,673 7,092 7,729 Total expenses 119,948 39,530 Net income $ WELLS TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 prior year end Add: Net income $ 85,000 39,530 124,530 40,523 $ 84,007 Less: Dividends Retained earnings, December 31 current year end