GRECO COMPANY Trial Balance 31-Dec-21 Additional data: 1. The balance for Prepaid Rent represents the amount of rent in advance for 6 months, beginning on October 1 2. $800 worth of Supplies was on hand at the end of the quarter 3. Annual depreciation on Building is $12,000 and on Equipment is $6,000 Cash 30,000 Account Receivable 12,200 Prepaid Rent 72,000 Supplies 3,000 5. Land 20,000 6. Building Equipment 4. $1,000 of unearned service revenue was earned during the quarter On December 31, $2,500 of Salaries has accrued but not yet paid $2,300 of revenue has been earned but not yet billed Requirements: Journalize the adjusting entries for the quarter ended December 31 Prepare the Income Statement, the Statement of Retained Earnings and the Statement of Financial Position for the quarter ended December 31, 2021 d. Assume the company decides NOT to pay dividend, how does it affect the Net Income? 120,000 60,000 Account Payable Unearned Service Revenue loan Share Capital Ordinary 17,500 a. 17,800 b. Prepare the adjusted trial balance as of December 31 50,000 C. 100,000 Retained Earnings 19,700 Dividends 5,000 Service Revenue 163,700 Salaries Expense 34,800 Telephone Expense 9,200 Printing Expense 1,500 Rent Expense 1,000 368,700 368,700 e. Assume the annual depreciation on Building is 20% of the building's total value, will Net Income be higher or lower? By how much?