et al) The trial balance of Loren's Wholesale Company contained the flowing accounts at December 31, the end of the company's fiscal year. LOREN'S WHOLESALE COMPANY TRIAL BALANCE DECEMBER 31, 2022 Cash DEBIT CREDIT Accounts Receivable $ 25,000 Land Merchandise Inventory 37,000 90,000 Buildings 92,000 Equipment Accumulated Depreciation - Buildings 97,000 $ 22,000 Accounts Payable Notes Payable (long-term) Accumulated Depreciation - Equipment 50,000 19,000 50,000 30,000 Owner's Capital 153,000 Owner's Drawings Sales Revenue Sales Discounts Cost of Goods Sold Salaries Expense Utilities Expense Repair Expense Gas and Oil Expense Insurance Expense Totals 10,000 300,000 3,000 98,000 50,000 10,000 5,000 4,000 3,000 $ 574,000 $ 574,000 Adjustment Data 1. Depreciation is $3,000 on buildings and $1,000 on equipment. (make 2 separate journal entries) 2. Interest of $1,000 is due and unpaid on notes payable. 3. Inventory on hand is $88,000. Instructions: (a) Record the adjusting journal entries in the General Journal. (b) Record the trial balance on the worksheet; post the adjusting entries onto the work sheet; complete the worksheet. (c) Prepare the multiple-step income statement, the owner's equity statement, and a classified balance sheet as of December 31. (d) Record the closing entries in the General Journal.