At the end of 2022, the following information is available for Great Adventures. . Additional interest for five months needs to be accrued on the $30,000, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $10,000 of the $30,000 loan discussed above is due next year. By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,000 during the year an recorded those as Deferred Revenue. Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $12,000. For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $4,000. Trial Balance Income Statement General General Requirement Journal Balance Sheet Ledger Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal entry worksheet X Debit Credit umar Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select 'No Journal Entry Required in the first account field.) View transaction lit View journal entry worksheet Credit Debit 750 750 10.000 10.000 20,000 Record the accrued interest on note. Record the reclassified portion of long-term debt as current. Record the redeemed of gift cards. Record the loss of contingent liability, Record the estimated future warranty costs. Record entry to close the revenue accounts. Record entry to close the expense accounts. 20.000 12,000 12.000 4.000 4,000 Note : journal entry has been entered 20,000 20,000 Retained Earnings 17,800 7 Dec 31 Retained Earnings 1.800 Income Statement For the Period Ended December 31, 2022 Revenues Service Revenue Sales Revenue Interest Revenue $ 44,500 100.000 120 0 144.620 38,500 $ 106,120 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Sales Discounts Supplies Expense Depreciation Expense Salaries Expense Bad Debt Expense Rent Expense Insurance Expense Repairs and Maintenance Expense 350 500 17.250 24,000 2,400 2,400 5,700 400 0 0 Total Operating Expenses Operating Income (Loss) Interest Expense 53,000 53,120 0 Income Before Income Taxes Income Tax Expense 0 53,120 14,500 38,620 + $ walance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Post-closing Dates: Dec 31 to: Dec 31 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Current Assets Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance 5 Liabilities Current Liabilities: $ 89,070 Accounts Payable 50.000 Interest Payable (2,400) Income Tax Payable 7.000 Deferred Revenue 900 Notes Payable (Current) 0 Contingent Liability 0 Warranty Liability 0 0 Total Current Liabilities Notes Payable (Long-term) 144,570 Total Liabilities Stockholders' Equity 62,000 Common Stock (25,250) Retained Earnings 0 0 Total Stockholders' Equity $ 181,320 Total Liabilities and Stockholders'Equity (Income State balance bet 20.800 750 14,500 5,000 10.000 12,000 4,000 0 67,050 20,000 87,050 Total Current Assets Long-term Assets: Equipment Accumulated Depreciation 20,000 74,270 0 94,270 181,320 Total Assets $