Gauge Construction Company is making adjusting entries for the year ended March 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. The company paid $2,000 on January 1 of the current year to have advertisements placed in the local monthly neighborhood paper. The ads were to be run from January through June. The bookkeeper debited the full amount to Prepald Advertising on January 1. b. At March 31 of the current year, the following data relating to Construction Equipment were obtained from the records and supporting documents. Required: 1. Record the adjusting entry for advertisements at March 31 of the current year. 2. Record the adjusting entry for the use of construction equipment during the current year. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Answer is not complete. Complete this question by entering your answers in the tabs below. 1. Record the adjusting entry for advertisements at March 31 of the current year. 2. Record the adjusting entry for the use of construction equipment during the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. The company paid $2,000 on January 1 of the current year to have advertisements placed in the local monthly neighborhood paper. The ads were to be run from January through June. The bookkeeper debited the full amount to Prepaid Advertising on January 1. b. At March 31 of the current year, the following data relating to Construction Equipment were obtained frc the records and supporting documents. Required: 1. Record the adjusting entry for advertisements at March 31 of the current year. 2. Record the adjusting entry for the use of construction equipment during the current year. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Answer is not complete. Complete this question by entering your answers in the tabs below. What amounts should be reported on the current year's income statement for the following items? a. The company paid $2,000 on January 1 of the current year to have advertisements placed in the local monthly neighborhood paper. The ads were to be run from January through June. The bookkeeper debited the full amount to Prepaid Advertising on January 1. b. At March 31 of the current year, the following data relating to Construction Equipment were obtained from the records and supporting documents. Required: 1. Record the adjusting entry for advertisements at March 31 of the current year. 2. Record the adjusting entry for the use of construction equipment during the current year. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Answer is not complete. Complete this question by entering your answers in the tabs below. What amounts should be reported on the current year's balance sheet for the following items