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Required information The following information applies to the questions disployed below] Welis Technical Institute WTi. a school owned by Tristana Wells, provides training to individuats who pay taition directly to the school. WTI also offers training to groups in off-site locations. WTI initally rocords prepald expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of ltems a through h that require adjusting entries on December 31 . Additional Information Items a. An analysis of WTis insurance policies shows that $2,542 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,204 are available at year-end c. Annual depreciation on the equipment is $10,170. d. Annual depreciation on the professional library is $5.085. e. On September 1, WTI ogreed to do five training courses for a client for $2,700 eoch. Two courses wili start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $13,500 cash in advance for all five training courses on September 1. and WT credited Unearned Revenue. 4. On October 15, WT agreed to teoch a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $5,748 of the tuition revenue has been carned by WTI 9. WTis two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of 5100 per daty for each employee. h. The bolance in the Prepaid Rent account represents rent for December Complete this question by entering your answers in the tabs below. Prepare Welis. Technical Institute's income statement for the year. Complete this question by entering your answers in the tabs below. Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells, Capital account balance was $110,110 on December 31 of the prior year, and there were no owner investments in the current year. Prepare Wells Technical Institute's balance sheet as of December 31. Note: Include all balance sheet accounts, even those with zero balances