Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars

Other data not yet recorded at December 31 include:

Insurance expired during the current year, $2.

Wages payable, $2.

Depreciation expense for the current year, $4.

Income tax expense, $5.

Required:

1. Prepare the adjusting entries for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.)

2. Complete the trial balance Adjustments and Adjusted columns. (For revenues and expenses enter the total amount of adjustments in the adjustment column. Enter your answers in thousands.)

UNADJUSTED Debit Account Titles Credit Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (3,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) 8 70 4 50 18 112 Totals 112