During the absence of the regular accountant of Vanderpool Consulting, a new employee, Doug Webb. prepared the closing entries from the ledger accounts for the year 2001. Webb has very lit- de understanding of accounting, and the closing entries he prepared were not satisfactory in sev- eral respects. The entries by Webb were: Entry 1 Professional Poes Eamed Accumulated Depreciation: Building Accounts Payable Salaries Payable income Summary Todose accounts with credit balances. 273,600 25,600 86,400 9,200 394,800 160,800 Entry 2 Income Summary Salaries Expense Al Vanderpool, Drawing Adverasing Expense Depreciation Expense: Building Insurance Expense To close accounts with debit balances. 96.400 36,000 12,800 6,400 9,200 Entry 3 Al Vanderpool, Capital income Summary To dose the owner's capital account 234,000 234,000 Instructions 2 For each entry, identify any errors that Webb made. Prepare four correct closing entries, following the pattern illustrated on pages (116-118). cung the information presented above (and considering your answers to parts a and b). com- pe net income or net loss of Vanderpool Consulting for the year 2001. Show computation. Te operations of Hempstead Realty consist of obtaining listings of houses being offered for sale omnes, advertising these houses, and showing them to prospective buyers. The company earns Solding was estimated to be 30 years and that of the office equipment five years. The company sulated on January 1 of the current year and were immedia-ray placed in use. Useful life of the deses sous monthly, on March 31 of the current year, the trial balance is as fcilows