Miss Nicole, the controller for Sojagifo Designs Limited, had just printed off the unadjusted trial balance for the year ended August 31, 2022 when Hurricane Fiona hit resulting in the company losing power. Nicole knows that the bank is looking for the company's financial statements as soon as possible so she has decided to do the adjusting process & financial statements manually. Nicole has come to you for assistance in preparing the adjusting entries & financial statements for the year ended August 31, 2022. She has provided you with the following information as well as the unadjusted trial balance at August 31, 2022. Information from Nicole: -The depreciation on the building for the year ended August 31 is $3,875. - A physical count on August 31, 2022 indicates the office supplies on hand are $4,800. On August 1 the company paid $4,500 for the rent for August, September & October. -Salaries for the week of August 28-September 3 totalled $10,500 and were paid on September 6, 2022 - A telephone bill for $455 was received September 1 for the month of August 2022. This has not been recorded. - Income taxes in the amount of $18,000 have not yet been recorded. SOJAGIFO DESIGNS LIMITED UNADJUSTED TRIAL BALANCE AUGUST 31, 2022 DR CR Cashi 120,675 Accounts receivable 22,000 Prepaid rent 4,500 Office Supplies 6,200 Land 100,000 Building 155,000 Accum. depreciation building 19,375 Accounts payable 19,600 Income taxes payable Salaries payable Note payable - Long term 195,000 Common shares 12,000 Retained earnings 51,300 Dividends 20,000 Revenue 805,000 Advertising expense 45,000 Depreciation expense Income tax expense Insurance expense 6,000 Interest expense 13,500 Rent expense 16,500 Salary expense 550,000 Office supplies expense 26,500 Telephone expense Utilities expense 4,400 12,000 1,102,275 1,102,275 Required: A. Prepare the necessary adjusting journal entries at August 31, 2022. B. Prepare an adjusted trial balance using the attached template. C. Prepare an income statement for the year ended August 31, 2022 for Sojagifo Designs Limited D. Prepare the statement of changes in equity for the year ended August 31, 2022. Sojagifo issued shares during the year receiving $10,000 from its shareholders. The entry to record this has already been made & is included in the unadjusted trial balance. E. Prepare the balance sheet as of August 31, 2022 for Sojagifo Designs Limited. SOJAGIFO DESIGNS LIMITED TRIAL BALANCE August 31, 2022 Unadjusted Adjustments Adjusted Cash DR 120,675 CR DR CR DR CR Accounts receivable Prepaid rent 22,000 4.500 Office Supplies 6,200 Land 100,000 Building 155,000 Accum. depreciation - building Accounts payable 19,375 19,600 Income taxes payable Salaries payable Note payable - Long term Common shares Retained earnings 195,000 12,000 51,300 Dividends 20,000 Revenue 805,000 Advertising expense 45,000 Depreciation expense