Chec Cayuga Ltd. prepared the following trial balance at the end of its first year of operations ended December 31. To simplify the case, the amounts given are in thousands of dollars. Other data not yet recorded at December 31 are as follows: Account Titles Cash Accounts receivable Prepaid insurance Machinery (20-year life, no residual value) Accumulated depreciation Accounts payable Wages payable Income taxes payable Contributed capital (7,800 shares) Retained earnings (deficit) Revenues (not detailed) Expenses (not detailed) Totals Unadjusted Debit Credit $ 51 22 9 140 $ 14 22 119 7 119 45 5274 $274 a Insurance expired during the year, S7 b Depreciation expense for the year. $7 Wages payable. $9. d Income tax expense. $22 Record insurance expired. Note: Enter debits before credits Transaction General Journal Debit Credit a Record entry Clear entry View general journal 2. Show the effects of the adjusting entries on net earnings and cash. (Enter your answers in thousands of dollars. Select "None" if there is no effect.) Transaction Effect on Net Earnings by Effect on Cash a b. by by C d by 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.) CAYUGA LTD. Trial Balance As at December 31 (in thousands of dollars) Unadjusted Adjustments Debit Credit Debit Credit $ 51 Adjusted Debit Credit 22 9 140 S 14 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Contributed capital Retained earnings (deficit) Revenues not detailed) Expenses (not detailed) Totals 22 119 7 119 45 $ 274 $ 274 4. Using the adjusted balances, prepare a statement of earnings. (Enter your answers in thousands of dollars. Round "Earnings per Share to 2 decimal places.) CAYUGA LTD. Statement of Earnings For the Year Ended December 31 (in thousands of dollars, except for Earnings per Share) Ensinos per share 4-5. Using the adjusted balances, prepare a statement of changes in equity (Enter your answers in thousands of dollars. Negative answers should be indicated by minus sign.) CAYUGA LTD. Statement of Retained Earnings For the Year Ended December 31 in thousands of dollars) Balance January 1 Balance, December 31 4-c. Using the adjusted balances, prepare a statement of financial position. (Enter your answers in thousands of dollars. Amounts to be deducted should be indicated with a minus sign.) (In thousands of dollars) Assets Total assets Liabilities Total liabilities Shareholders' Equity Total liabilities and shareholders' equity 5. This part of the question is not part of your Connect assignment 6. Using the adjusted balances, prepare the closing entries for the year. (Enter your answers in thousands of dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ed View transaction list Journal entry worksheet Record entry to transfer revenues to income summary. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal