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1st.Flora Company adjusts its accounts at the end of each month. The trial balance on March 31, 2020, before adjustments, follows: Credit Debit $ 11,000 36,000 10,000 24,000 10,000 Cash Equipment Supplies Accounts receivables Prepaid insurance Salaries payable Net sales Bad debt expenses Salaries expenses Other expenses Retained earnings Capital stock 5,000 81,000 7,000 30,000 15,000 7,000 50,000 $143,000 $143,000 Required a. The following two journal entries are required prior to preparation of the income statement and balance sheet: i. The prepaid insurance was paid on 1st January, 2020 for 1 year. ii. $1,000 of salaries expense is payable on March 31, 2020 The Equipment is to be depreciated over 3 years iv. On March 31 supplies on hand amounted to $2,000 b. Prepare an income statement for the month ending March 31, 2020. Prepare a balance sheet as at March 31, 2020. C