Assuming that the long-run supply of housing is more generally than the short-run supply, the imposition of binding rent controls Select one: A. elastic, lead the price of rental housing to revert back to its equilibrium level B. inelastic, lead to a reduction in the housing shortage over time Celastic lead to a worsening of the housing shortage over time D. inelastic, lead to no significant change in the housing shortage E elastic lead to only a temporary housing shortage PART 2 (53 marks) REQUIRED: Using the completed worksheet attached, prepare the following for Delta Engineering for the year ended December 31, 2019 The owner invested cash of $41,000 into the business during the year The bank loan will be repaid over a 15 year period. The first payment will be for 10% of the loan balance and will be made on January 31, 2020. The balance of the loan will begin to be repaid in 2021 Prepare the following for Delta Engineering on the attached papers: 1 Closing entries for the year ended December 31, 2019 (13 marks) Income Statement for the year ended December 31, 2019 (12 marks) Statement of Owner's equity for the year ended December 31, 2019 (6 marks) Balance sheet as at December 31, 2019 (14 marks) Post - closing trial balance at December 31, 2019 (8 marks) 2 4 5