Devlin Company has prepared the following partially completed worksheet for the year ended December 31, 2019: DEVLIN COMPANY Worksheet For the Year Ended December 31, 2019 1 Trial Balance Trial Balance Adjustments Adjustments Income Statement Income Statement Retained Earnings Statement Retained Earnings Statement Balance Sheet Balance Sheet 2 Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 3 Cash 1,000.00 4 Accounts Receivable 2,700.00 5 Allowance for Doubtful Accounts 30.00 6 Note Receivable 1,200.00 7 Inventory 9,200.00 8 Land 4,500.00 9 Buildings and Equipment 20,600.00 10 Accumulated Depreciation 8,790.00 11 Accounts Payable 4,050.00 12 Notes Payable 4,000.00 13 Common Stock (2,000 shares) 5,000.00 14 Retained Earnings (1/1/19) 6,120.00 15 Dividends 600.00 16 Sales Revenue 25,140.00 17 Rent Revenue 550.00 18 Cost of Goods Sold 9,050.00 19 Salaries Expense 2,750.00 20 Delivery Expense 720.00 21 Heat and Light Expense 820.00 22 Other Expenses 540.00 23 Totals $53,680.00 $53,680.00 For classification purposes: Note Receivable is due May 1, 2020 Notes Payable is due April 1, 2022 The following additional information is available: (a) salaries accrued but unpaid total $250; (b) the $80 heat and light bill for December has not been recorded or paid; (c) depreciation expense totals $810 on the buildings and equipment; (d) interest accrued on the note payable totals $380 (this will be paid when the note is repaid); (e) the company leases a portion of its floor space to KT & Daniel Specialty Company for $50 per month, and KT & Daniel has not yet paid its December rent; (f) interest accrued on the note receivable totals $80; (g) bad debts expense is $70; and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Complete the worksheet. 2. Prepare the companys financial statements. 3. Prepare (a) adjusting and (b) closing entries in the general journal.