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126% E3-1 E3-6 Adjusting entries Preparing financials D E Preparing financial statements Problem 1 >> Based on the adjusted trial balance set forth below, prepare an Income Debit Credit $15,600 $7.000 $37,000 Account Common Stock Dividonda 10 Service Revenue 11 Salaries and Wagon Expanse 12 Insurance Expenne 13 Rent Expenso 10 Supplies Expense 15 Depreciation Expense 16 $18,000 $2.000 $4,000 $1,500 $1,300 Note >> do not total the 10 Income statement for the year ended December 31, 2019 10 20 Service Revenue 20 22 Expenses 23 Salaries and Wages Expense 24 Insurance Expenso Rent Expense 20 Supplies Expenso 67 Depreciation Expense 20 Total Expenses 29 Net Income Use a formula Use a formula Problem 2 >> Prepare a statement of retained comings assuming that the January 10 Statement of Retained Earnings for the year ended December 31, 2019 $7240 Beginning Balance January 1 Add: Net Income Less: Dividends Paid Ending Balance, December 31 Use a formular Tak income statement for the year ended December 31, 2018