(b) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2017, and an unclassified balance sheet at December 31. Mason Advertising Income Statement For the Year Ended December 31, 2017 Revenues Expenses Mason Advertising Statement of Retained Earnings For the Year Ended December 31: 2017 Mason Advertising Balance Sheet December 31: 2017 Assets Liabilities and Stockholders' Egult! P372 (L0 3.4) Adjusting Entries and Financial Statements Mason Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2017. MASON ADVERTISING Trial Balance December 31 2017 \"um\" Cash $ 11,000 5 11,000 Accounts Receivable 20,000 23,500 Supplies 8,400 3,000 Prepaid Insurance 3,350 2,500 Equipment 60,000 60,000 Accumulated DepreciationEquipment 5 28,000 5 33,000 Accounts Payable 5,000 5,000 Interest Payable - 150 Notes Payable 5,000 5,000 Unearned Service Revenue 7,000 5,600 Salaries and Wages Payable - 1,300 Common Stock 10,000 10,000 Retained Earnings 3,500 3,500 Service Revenue 58,600 63,500 Salaries and Wages Expense 10,000 11,300 Insurance Expense 850 Interest Expense 350 500 Depreciation Expense 5,000 Supplies Expense 5,400 Rent Expense 4,000 4,000 5 117,100 5 117,100 5 127,050 5 127,050 instructions (a) iournalize the annual adjusting entries that were made. (Omit explanations.) (c) Answer the following questions. \"J If the note has been outstanding 3 months, what is the annual interest rate on that note? {2) If the companyr paid $12,500 in salaries and wages in 2017, what was the balance in Salaries and Wages Payable on December 31, 2016