Cayuga Ltd. prepared the following trlal balance at the end of its first year of operations ended December 3 the case, the amounts given are in thousands of dollars. Other data not yet recorded at December 31 are as a. Insurance explred during the year, $7. b. Depreclation expense for the year, $7. c. Wages payable, $8. d. Income tax expense, $17 Required: 1. Prepare the adjusting entrles for the year. (Enter your answers in thousands of dollars. If no entry is requ transectlon/event, select "No journal entry requlred" In the first account fleld.) Journal entry worksheet 2. Show the effects of the adjusting entrles on net earnings and cash. (Enter your answers In thousands of dollars. Selec "None" If there is no effect.) 3. Complete the trial balance adjustments and adjusted columns. (For revenues and expenses enter the total amount of adjustments in the adjustment column. Enter your answers In thousands of dollars.) 4-a. Using the adjusted balances, prepare a statement of earnings. (Enter your answers In thousands of dollars. Round "Earnings per share to 2 decimal places.) 4-b. Using the adjusted balances, prepare a statement of changes in equity. (Einter your answers In thousands of dollars. Negative answers should be Indleated by minus sign.) 4-a. Using the adjusted balances, prepare a statement of earnings. (Enter your answers In thousands of dollars. Round "Earnings per share to 2 decimal places.) 4-b. Using the adjusted balances, prepare a statement of changes in equity. (Einter your answers In thousands of dollars. Negative answers should be Indleated by minus sign.) 6. Using the adjusted balances, prepare the closing entrles for the year. (Enter your answers In thousands of dollars. If no entry Is requlred for a transactlon/event, select "No journal entry requlred" In the flrst account fleld.) Journal entry worksheet Record entry to transfer revenues to income summary. Note: Enter debits before credits