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The following unadjusted trial balance is for Ace Construction Company at its June $30$ current fiscal year$-$end. The credit balance of the V$.$ Ace, Capital account was $$55,200$ on June $30$ of the prior year, and the owner invested $$25,000$ cash during the current fiscal year.

$\backslash$table$[[,\backslash$table$[[$ACE CONSTRUCTION COMPANY$],[$Unadjusted Trial Balance$],[$June $30]],,,],[$Number$,$Account Title,Debit,,Credit$],[101,$Cash,$$16,000,,],[126,$Supplies,$8,500,,],[128,$Prepaid insurance,$6,000,,],[167,$Equipment,$130,590,,],[168,$Accumulated depreciation$-$Equipment,,$$,22,500],[201,$Accounts payable,,,$5,800],[203,$Interest payable,,,$0],[208,$Rent payable,,,$0],[210,$Wages payable,,,$0],[213,$Property taxes payable,,,$0],[251,$Long$-$term notes payable,,,$21,000],[301,$V$.$ Ace, Capital,,,$80,200],[302,$V$.$ Ace, Withdrawals,$28,500,,],[403,$Construction revenue,,,$134,000],[612,$Depreciation expense$-$Equipment,$0,,],[623,$Wages expense,$46,000,,],[633,$Interest expense,$2,310,,],[637,$Insurance expense,$0,,],[640,$Rent expense,$15,000,,],[652,$Supplies expense,$0,,],[683,$Property taxes expense,$4,900,,],[684,$Repairs expense,$2,100,,],[690,$Utilities expense,$3,600,,],[$Totals$,$$$263,500,$$$,263,500]]$

Adjustments:

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Next The following unadjusted trial balance is for Ace Construction Company at its June $30$ current fiscal year$-$end. The credit balance of the V$.$ Ace, Capital account was $$55,200$ on June $30$ of the prior year, and the owner invested $$25,000$ cash during the current fiscal year.

ACE CONSTRUCTION COMPANY

Unadjusted Trial Balance

June $30$

Number Account Title Debit Credit

$101$ Cash $ $16,000$

$126$ Supplies $8,500$

$128$ Prepaid insurance $6,000$

$167$ Equipment $130,590$

$168$ Accumulated depreciation$$Equipment $ $22,500$

$201$ Accounts payable $5,800$

$203$ Interest payable $0$

$208$ Rent payable $0$

$210$ Wages payable $0$

$213$ Property taxes payable $0$

$251$ Long$-$term notes payable $21,000$

$301$ V$.$ Ace, Capital $80,200$

$302$ V$.$ Ace, Withdrawals $28,500$

$403$ Construction revenue $134,000$

$612$ Depreciation expense$$Equipment $0$

$623$ Wages expense $46,000$

$633$ Interest expense $2,310$

$637$ Insurance expense $0$

$640$ Rent expense $15,000$

$652$ Supplies expense $0$

$683$ Property taxes expense $4,900$

$684$ Repairs expense $2,100$

$690$ Utilities expense $3,600$

Totals $ $263,500$ $ $263,500$

Adjustments:

Supplies available at the end of the current fiscal year total $$3,060.$

Cost of expired insurance for the current fiscal year is $$3,780.$

Annual depreciation on equipment is $$8,300.$

June utilities expense of $$570$ is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $$570$ amount owed must be recorded.

Employees have earned $$1,400$ of accrued and unpaid wages at fiscal year$-$end.

Rent expense incurred and not yet paid or recorded at fiscal year$-$end is $$100.$

Additional property taxes of $$700$ have been assessed for this fiscal year but have not been paid or recorded at fiscal year$-$end.

$$210$ of accrued interest for June has not yet been paid or recorded.

Required:

$1.$ Prepare a $10-$column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information.

$2$a$.$ Prepare the adjusting entries $($all dated June $30).$

$2$b$.$ Prepare the closing entries $($all dated June $30).$

$3$a$.$ Prepare the income statement for the year ended June $30.$

$3$b$.$ Prepare the statement of owner's equity for the year ended June $30.$

$3$c$.$ Prepare the classified balance sheet at June $30.$