On January 1, 2022, Simtech, Inc. rented small airport for $1,429,530. The small airport is perfect for shipping raw materials from Simtech, Inc.'s main supplier to its production plant. As part of the deal, Simtech, Inc. modified the runway to meet the specs of it company owned planes, but restore the original runway at the end of its 3 year lease. While the rental of the airport was appropriately recorded, no entries have been made in 2022 for the obligation to restore the runway. Simtech, Inc.'s operations team estimates that it will cost about $224,000 to restore the runway in 2025. At 4% interest, the present value of the obligation on the day the lease was signed was $199,135. Other Important Information Number of shares authorized 780,000 Par Value $1 Number of shares outstanding 700,750 Tax Rate 27% Adjusted Trial Balance For Year Ended December 31, 2022 $196,210 $224,240 $560,600 $3,363,600 $9,530,200 $301,603 $1,541,650 $280,300 $112,120 $476,510 $84,090 $112,120 $90,817 $16,874,060 Cash A/R, net Inventory Land Equipment Accumulated Depreciation Accounts Payable Taxes Payable Loan Payable Notes Payable Common stock Additional Paid-In capital Retained Earnings Dividends Net Sales Revenue Cost of Goods Sold Advertising Expense Shipping Expense Depreciation Expense Utilities Expense Interest Expense Income Tax Expense Gain on on Exchange $2,382,550 $616,660 $112,120 $2,746,940 $3,251,480 $700,750 $2,102,250 $2,018,160 $2,803,000 $140,150 $16,874,060 What is needed: 1. Adjusting Entries including a tax entry 2. A completed balance sheet and income statement