Internet Consulting Service, Inc., adjusts its accounts every month. On the following page is the companys year-end unadjusted trial balance dated December 31, 2020. Data for Adjustments 1. On December 1, the company signed a new rental agreement and paid four months rent in advance at a rate of Rs55,000 per month. This advance payment was debited to the prepaid store rent account. 2. Dues and subscriptions expiring during December amounted to Rs5,000. 3. An estimate of internet supplies on hand was made at December 31; the estimated cost of the used supplies was Rs18,000. 4. The useful life of the equipment has been estimated at five years from date of acquisition. The salvage value of the equipment was Rs10,000. 5. The useful life of the building has been estimated at twenty years from the date of acquisition. The scrap value of the building was Rs48,000 6. An 8-month bank loan namely notes payable had been obtained by the country club on November 1. Interest is computed at an annual rate of 8 percent. The entire loan, plus all of the interest accrued over the 8-month life of the loan, is due in full on June 30 of the upcoming year. 7. Consulting services valued at Rs120,000 were rendered during December to clients who had made payment in advance. 8. It is the custom of the firm to bill clients only when consulting work is completed or, in the case of prolonged engagements, at monthly intervals. At December 31, consulting services valued at Rs118,000 had been rendered to clients but not yet billed. No advance payments had been received from these clients. 9. Salaries earned by employees but not paid as of December 31 amount to Rs70,500. 10. Income taxes expense for the month is estimated at Rs60,000. However, Rs250,000 has been recognized as expense in prior months, and Rs220,000 has been paid to tax authorities. The company plans to pay the remainder of its income tax liability on January 15. Required: 1. Prepare Adjusting entries for the month ended December 31 2020. (10 Marks) 2. Prepare 10-Column worksheet (8 Marks) 3. Prepare financial statements for the year ended December 31, 2020 (10 Marks)