Concord Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31 . 2020. Prepaid Insurance Equipment 64,13064,130 Accumulated Depreciation-Equipment Accounts Payable $26,05024,692$30,55024,692 Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue 0144 Salaries and Wages Expense 11,880 4,8004,800 Insurance Expense Interest Expense 420 Depreciation Expense: Supplies Expense Rent Expense $133,170$133,1704,730$142,9544,730$ Journalize the annual adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) (To record supplies used) 4. Dec. 31 (To record depreciation on equiment) 5. Dec. 31 (To record interest accrued on the note) 6. Dec. 31 (To record expired insurance) 7. Dec. 31 (To record accrued wages) CONCORD ADVERTISING Income Statement Prepare a statement of retained earnings for the year ending December 31,2020 . (List items that increaserelaineu eamings inst) CONCORD ADVERTISING Statement of Retained Earnings $ CONCORD ADVERTISING Balance Sheet Assets 5 $ Liabilities and Stockholders' Equity Answer the following questions. (Round interest rate to 0 decimal places, es. 7\%.) (1) If the note has been outstanding 3 months, what is the annual interest rate on that note? The annual interest rate % (2) If the company paid \$12,500 in salaries and wages in 2020, what was the balance in Salaries and Wages Payable on December 31,2019 ? The balance in Salaries and Wages Payable