GUDS #2 The accounts listed below appeared in the December 31 trial balance of the Flounder Theater. Debit Credit $196,432 Equipment Accumulated Depreciation-Equipment Notes Payable Admissions Revenue Advertising Expense Salaries and Wages Expense Interest Expense $60,310 144,000 384,400 14,490 58,010 2,240 From the account balances listed above and the information given below, prepare the annual adjusting entries necessary on December 31. 1. The equipment has an estimated life of 16 years and a salvage value of $24,064 at the end of that time. (Use straight-line method.) 2. In December, 1,970 coupon admission books were sold at $30 each and recorded as Admissions Revenue. They could be used for admission any time after January 1. 3. Advertising expense paid in advance and included in Advertising Expense $1,055