Part 2: The following unadjusted trial balance is for Groenke Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders' equity account is $61,900, and the stockholders invested $45,000 cash in the company during 20x7. 1. Account Title Debit Credit $15,000 Cash 101 $8,500 126 Supplies $11,200 Pre-paid insurance 128 $175,000 167 Equipment $19,000 168 Accumulated depreciation equipment $9,250 Accounts payable 201 $45,000 251 Long-term notes payable Shareholders' equity $106,900 301 $15,750 Dividends 302 $153,000 401 Construction Revenue $61,800 623 Wage expense Interest expense $6,250 633 $15,750 Rent expense 640 $12,500 Property tax expense 683 $6,100 684 Repairs expense $5,300 Utilities expense 690 $333,150 $333,150 TOTALS Instructions: Use the template provided to: a. Journalize the following adjusting entries as of fiscal year-end December 31, 20x7. b. Post the adjusting entries to an unadjusted trial balance and prepare the adjusted trial balance. c. Create financial statements, namely: i) the income statement, ii) statement of stockholders' equity, and ii) the balance sheet for 20x7. Adjustments needed: 1. The supplies available at the end of the fiscal year 20x7 are at a cost of $5,700. 2. The company's employees have earned $3.500 in accrued wages for the fiscal year. 3. The cost of expired insurance for the fiscal year is $8,600. 4. The rent expense not yet paid or recorded in the fiscal year is $2,250. 5. Annual depreciation on equipment is $8,000; no other depreciation adjustment was made in 20x7. 6. The $450 accrued interest for December has not yet been paid and reported. 7. Additional property taxes of $625 have been assessed for the fiscal year but have not yet been paid or recorded in the accounts. 8. The December utilities expense of $425 is not included in the adjusted trial balance, because the bill arrived after the trial balance was prepared. The $425 amount owed needs to be recorded. 9. The company paid dividends of $15,575 to its shareholders on record. BE SURE TO CREATE A FINANCIAL STATEMENTS FROM THE ADJUSTED TRIAL BALANCE [Company Name] Income Statement [date] Revenues: S List names Expenses: List names 0 0 0 0 Total expenses Net income