Inferring Year-End Adjustments, Computing Earnings per Share and Total Asset Turnover, and Recording Closing Entries (AP46) Ramirez Company is completing the information processing cycle at its fiscal yearend on December 31 . Following are the correct balances at December 31 for the accounts both before and after the adjusting entries. Required: 1. Compare the amounts in the columns before and after the adjusting entries to reconstruct the adjusting entries made in the current year. Provide an explanation of each. 2. Compute the amount of net income assuming that it is based on the amounts (a) before adjusting entries and (b) after adjusting entrics. Which net income amount is correct? Explain why. 3. Compute carnings per share (rounded to two decimal places), assuming that 3,000 shares of stock are outstanding all year. If the industry average is 0.49, what does this suggest to you about Ramirez Company? 5. Record the closing entry at December 31 of the current year