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Wells Technical institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional information Items a. An analysis of WTI's insurance policies shows that $3,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,120 are available at year-end. c. Annual depreciation on the equipment is $14,400. d. Annual depreciation on the professional library is $7,200. e. On September 1, WTI agreed to do five courses for a client for $2,300 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $11,500 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. f. On October 15. WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, \$11,950 of the tuition has been earned by WTI. g. WTi's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Prepare Wells Technical Institute's income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 Revenues Tuition fees earned \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ WELLS TECHNICAL INSTITUTE } \\ \hline \multicolumn{1}{|c|}{ Statement of Retained Earnings } \\ \hline For Year Ended December 31 \\ \hline Retained earnings, December 31 prior year end & \\ \hline & \\ \hline & \\ \hline Retained earnings, December 31 current year end & \\ \hline \end{tabular} Prepare Wells Technical Institute's balance sheet as of December 31. Include all balance sheet accounts, even those with zero balances. Wells Technical institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional information Items a. An analysis of WTI's insurance policies shows that $3,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,120 are available at year-end. c. Annual depreciation on the equipment is $14,400. d. Annual depreciation on the professional library is $7,200. e. On September 1, WTI agreed to do five courses for a client for $2,300 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $11,500 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. f. On October 15. WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, \$11,950 of the tuition has been earned by WTI. g. WTi's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Prepare Wells Technical Institute's income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 Revenues Tuition fees earned \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ WELLS TECHNICAL INSTITUTE } \\ \hline \multicolumn{1}{|c|}{ Statement of Retained Earnings } \\ \hline For Year Ended December 31 \\ \hline Retained earnings, December 31 prior year end & \\ \hline & \\ \hline & \\ \hline Retained earnings, December 31 current year end & \\ \hline \end{tabular} Prepare Wells Technical Institute's balance sheet as of December 31. Include all balance sheet accounts, even those with zero balances