Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-of-period spreadsheet at December 31, 2019, the end of the fiscal year. Beacon Signals Company End-of-Period Spreadsheet For the Year Ended December 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Cr. Dr. Cr. Dr. Cr. 13,000.00 13,000.00 Account Title Cash 40,500.00 (a) 12,500.00 53,000.00 Accounts Receivable Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00 (c) 2,250.00 3,000.00 98,000.00 500,000.00 750.00 98,000.00 500,000.00 Supplies Land Building Accumulated Depreciation- Building Equipment Accumulated Depreciation- 255,300.00 (d) 9,000.00 264,300.00 121,900.00 121,900.00 100,100.00 (o) 4,500.00 104,600.00 Equipment 15,700.00 15,700.00 (1) 4,900.00 4,900.00 Accounts Payable Salaries and Wages Payable Uneamed Rent Sarah Colin. Capital 2,100.00 (g) 1,300.00 800.00 238,100.00 238,100.00 10,000.00 10,000.00 388.700.00 Sarah Colin, Drawing Fees Eamed Rent Revenue Salaries and Wages (a) 12,500.00 (g) 1,300.00 401.200.00 1,300.00 163,100.00 (1) 4.900.00 168,000.00 (9) 1,300.00 1.300.00 163,100.00 (1) 4,900.00 168,000.00 21,700.00 21,700.00 11,400.00 11,400.00 (d) 9,000.00 9,000.00 Rent Revenue Salaries and Wages Expense Advertising Expense Utilities Expense Depreciation Expense- Building Repairs Expense Depreciation Expense- Equipment Insurance Expense Supplies Expense Miscellaneous Expense 8,850.00 8.850.00 (e) 4,500.00 4,500.00 (b) 3,000.00 3.000.00 (c) 2.250.00 2.250.00 4,350.00 4,350.00 1,000,000.00 1,000,000.00 37.450.00 37.450.00 1,030,900.00 1,030,900.00 Required: 1. Prepare an income statement for the year ended December 31. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons() on the income statement 2. Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items. 3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons () or the word "Less" on the balance sheet: they will automatically insert where necessary. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts. 5. Prepare a post-closing trial balance. Chart of Accounts CHART OF ACCOUNTS Beacon Signals Company General Ledger ASSETS REVENUE 41 Fees Earned 42 Rent Revenue 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment EXPENSES 51 Salaries and Wages Expense 52 Advertising Expense 53 Utilities Expense 54 Depreciation Expense-Building 55 Repairs Expense 56 Depreciation Expense-Equipment 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Salaries and Wages Payable 23 Unearned Rent EQUITY 31 Sarah Colin, Capital 32 Sarah Colin, Drawing Labels and Amount Descriptions Labels Current assets Current liabilities December 31, 2019 Expenses For the Year Ended December 31, 2019 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Net loss Sarah Colin, capital, January 1, 2019 Sarah Colin, capital, December 31, 2019 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Total revenues Withdrawals