Part IV: Adjustments and Closing Entries (15 points) Use the following information from the unadjusted trial balance of St. Vincent Corp questions that follow. The company adjusts and closes its books on an annual basis on December 31. to answer the Unadjusted Trial Balance as of 12/31/2017 Credit Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Debit 200,000 450,000 200,000 $1,300,000 39,000 Accounts Payable Note Payable Common Stock Additional Paid-in Capital Retained Earnings 360,000 173,000 11 00,000 100,000 750,000 573,000 930,000 Cost of Goods Sold Research and Development Expense Dividends 410,000 75.000 30,000 A. Consider the following information and (1) provide necessary adjusting entries at 12/31/17.(2) Classify each adjustment as an accrual or deferral. rent contract spans two years and was signed on June 1, 2016. Determine the initial The prepaid amount of the contract. The note payable has a 6% interest rate and was signed on 10/1/17 Interest is not due until 10/1/18 The equipment has a useful life of 10 years with no salvage. St. Vincent faces a 40% tax rate. B. Calculate ending retained earnings at 12/31/17