Before you begin, print out all the pages in this workbook. The unadjusted trial balance of Morgan Manufacturing Corp. at December 31, 2019 is shown on the "Trial Bal" page (see tab below). Refer also to the additional year-end information for the company shown on the "Adjusting Entries" page (see tab below). Required: 1 Prepare year-end adjusting entries. General ledger account numbers are not necessary. Show your calculations below each adjusting entry. 2 Post the adjusting entries to the trial balance and prepare an adjusted trial balance. 3 Using the amounts from the adjusted trial balance, complete the financial statements for the year ended December 31, 2019. paid in advance for January 2020. e. Rent revenue consists of 13 equal monthly payments, including one paid in advance for January 2020. f. A trade account payable was converted to a note payable during the year. No entry has been made to record this. The note payable is due at the end of 2020 . The amount of the note payable is: The annual interest rate on the note payable is: The note payable was created at the end of this month: (January =1; December =12 ) $40,0003% g. A lawsuit was commenced against the company in 2019. Damages claimed are: Lawyers for the company consider the likelihood of success to be: 9 h. The interest rate on the mortgage is: 8% Annual payments (blended principal and interest) are made on Dec. 31 and total: Possible$30,000 The 2019 payment has been recorded as Interest on Long-term Debt expense. I. The corporate income tax rate as a percentage of income before income taxes is: Corporate income tax installments during the year have been recorded as Income Tax expense in the records. Assume any 2019 loss before income taxes will result in the,refund of income taxes at the current year's income tax rate. Morgan Manufacturing Corp