d. The company purchased a building on July 1, 2020. The building cost $308,000 and is expected to have a $27,000 residual value at the end of its predicted 20-year life. e. Because the company is not large enough to occupy the entire building, it arranged to rent some space to a tenant at $3,300 per month, starting on October 1, 2020. The rent was paid on time on October 1, and the amount received was credited to the Rent Revenue account. However, the tenant has not paid the November rent. The company has worked out an agreement with the tenant, who has promised to pay both November's and December's rent in full on December 15. f. On October 1, the company also rented space to another tenant for $3,750 per month. The tenant paid five months' rent in advance on that date. The payment was recorded with a credit to the Unearned Rent account. Assume Railink uses the straight-line method to depreciate its assets. For the ease of calculations, assume that Salaries for November 30 is not considered for accrual purposes. Required: 1. Use the information to prepare the annual adjusting entries as of November 30, 2020. (Do not round intermediate calculations. Round your final answer to nearest whole dollar.) View transaction list This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end: Debit Credit 43,800 $ $ 18,500 68,800 20,300 8,800 138,000 10,800 13,000 3,900 64,000 235,800 150 3,300 75 Accounts payable Accounts receivable Accumulated depreciation, automobiles Accumulated depreciation, equipment Advertising expense Automobiles Cash Depreciation expense, automobiles Depreciation expense, equipment Equipment Revenue Interest income Interest expense Interest payable Interest receivable John Conroe, capital John Conroe, withdrawals Land Long-term notes payable Notes receivable (due in 90 days) Office supplies Office supplies expense Repairs expense, automobiles Salaries expense Salaries payable Unearned revenue Wages expense Totals 300 22,800 18,800 34,000 113,000 79,000 3,800 12,800 8,200 76,025 5,300 10,800 27,600 $ 520.825 $ 520.825 Use the information in the trial balance to prepare: a. The income statement for the year ended December 31, 2020. GALAVU ENTERTAINMENT Income Statement For Year Ended December 31, 2020 Revenues: Total revenues Operating Expenses: Total revenues Operating Expenses: Total operating expenses b. The statement of changes in equity for the year ended December 31, 2020, assuming that the owner made additional investments of $14,000 during the year. GALAVU ENTERTAINMENT Statement of Changes in Equity For Year Ended December 31, 2020 John Conroe, capital, January 1 Total John Conroe, capital, December 31