I Consulting Engineer: 1. Fees received in advance from clients $5,980, which were recorded as revenue. 2. Services performed for clients that were not recorded by December 31,$4,526. 3. Bad debt expense for the year is $1,483. 4. Insurance expired during the year $501. 5. Equipment is being depreciated at 10% per year. 6. Michael gave the bank a 90 -day, 10% note for $7,200 on December 1,2020. 7. Rent of the building is $758 per month. The rent for 2020 has been paid, as has that for January 2021 , and recorded as Rent Expense. 8. Office salaries and wages earned but unpaid December 31,2020,$2,598. From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020. (Credit occount titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the occount titles and enter O for the amounts.) Prepare an income statement for 2020. (Enter loss using either a negative sign preceding the number eg. -45 or parentheses es. (45)