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.

UNADJUSTED
Account Titles	Debit		Credit
Cash	26
Accounts receivable	23
Prepaid insurance	18
Machinery	85
Accumulated depreciation
Accounts payable			19
Wages payable
Income taxes payable
Common stock (4,000 shares)			5
Additional paid-in capital			65
Retained earnings	17
Revenues (not detailed)			113
Expenses (not detailed)	33
Totals	202		202

Other data not yet recorded at December 31 include

a. Insurance expired during the current year, $11

b. Wages payable, $12

c. Depreciation expense for the current year, $14

d. Income tax expense, $11

Required:

1. Prepare the adjusting entries for the current year.

2. Complete the trial balance Adjustments and Adjusted columns. The Ref. column is for the reference letter of the adjusting entry effect.

3. using the adjusted balances, prepare a balance sheet for the current year.