JKL Co. has the following financial data on June 30, 2024:

• Cash: $9,000
• Accounts Receivable: $11,000
• Office Supplies: $1,500
• Accounts Payable: $4,500
• Utilities Payable: $1,200
• Building: $60,000
• Accumulated Depreciation: $10,000
• Long-term Loans: $35,000
• Common Stock: $22,000
• Retained Earnings: $10,800

Requirements:

1. Prepare a trial balance.
2. Journalize the following adjusting entries:
   • Depreciation expense: $4,000
   • Office supplies used: $500
3. Prepare an adjusted trial balance.
4. Draft a comprehensive income statement.
5. Discuss the importance of the income statement in financial analysis.