Outreach Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Outreach Signals Company prepared the following end-of-period spreadsheet at December 31, 20Y1, the end of the fiscal year:

	Outreach Signals Company
	End-of-Period Spreadsheet
	For the Year Ended December 31, 20Y1
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	20,500				20,500
Accounts Receivable	63,800		(a) 19,700		83,500
Prepaid Insurance	6,600			(b) 4,700	1,900
Supplies	4,700			(c) 3,540	1,160
Land	154,300				154,300
Building	787,000				787,000
Accumulated Depreciation-Building		402,000		(d) 14,200		416,200
Equipment	192,000				192,000
Accumulated Depreciation-Equipment		157,600		(e) 7,100		164,700
Accounts Payable		24,700				24,700
Salaries and Wages Payable				(f) 7,700		7,700
Unearned Rent		3,300	(g) 2,000			1,300
Inez Villanueva, Capital		375,000				375,000
Inez Villanueva, Drawing	16,000				16,000
Fees Earned		612,000		(a) 19,700		631,700
Rent Revenue				(g) 2,000		2,000
Salaries and Wages Expense	256,820		(f) 7,700		264,520
Advertising Expense	34,200				34,200
Utilities Expense	17,900				17,900
Depreciation Expense-Building			(d) 14,200		14,200
Repairs Expense	13,930				13,930
Depreciation Expense-Equipment			(e) 7,100		7,100
Insurance Expense			(b) 4,700		4,700
Supplies Expense			(c) 3,540		3,540
Miscellaneous Expense	6,850				6,850
	1,574,600	1,574,600	58,940	58,940	1,623,300	1,623,300

Required:

1.	Prepare an income statement for the year ended December 31. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons (:) on the income statement.
2.	Prepare a statement of owners equity for the year ended December 31. No additional investments were made during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
3.	Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Enter all values as positive amounts.
4.	Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
5.	Prepare a post-closing trial balance.