Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday. January 2,3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4. Answer is complete but not entirely correct. No General Journal Debit Credit 1 December 31 1.250 Wages expense Wages payable Accounts payable OO 1.250 2 January 04 Wages expense Wages payable Cash OOO 3,750 1.250 5.000 The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,000 17,500 3,000 172,000 $ 36,000 85,000 12, eee 4,000 58,000 15, eee 155,000 20,000 130, eee 23,500 61,000 8,000 12, een $410,eee $410,000 The Retained Earnings account balance was $155.000 at December 31 of the prior year. (1) Prepare the income statement for the year ended December 31. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the income statement for the year ended December 31. WILSON TRUCKING COMPANY Income Statement For Year Ended December 31 Revenues S 130.000 130,000 Trucking fees earned Accounts payable Expenses Depreciation expense-Trucks Salaries expense S 23.500 61,000 8.000 Office supplies expense Repairs expense-Trucks 12,000 Total expenses 104,500 Net income (104,500)