Please do 4 and 5

Paper Assignment #1 Total: 50 marks The following is the unadjusted trial balance for Kingfisher Lodge, at its year end, May 31, 2021. The company adjusts its accounts monthly Debit Credit Cash $ 6,400 Accounts receivable 11,800 Supplies 4.880 Prepaid insurance 4.550 Land 106,370 Buildings 168,000 Accumulated depreciation buildings $ 24,500 Fumiture 33,600 Accumulated depreciation furniture 19,600 Accounts payable 8,140 Deferred revenue 17,500 Mortgage payable, due 2024 126,000 Common shares 60,000 Retained camings 41.580 Dividends declared 2,000 Rent income 200,320 Salaries expense 98,700 Utilities expense 23,870 Depreciation expense 13,860 Interest expense 9,240 Insurance expense 6,370 Advertising expense 1,000 Income tax expense 7.000 $497,640 $497,640 Additional information: 1. An annual insurance policy was purchased for the first time on October 1, 2020, for $10,920 cash. 2. A count of supplies shows $1,340 of supplies on hand on May 31. 3. The buildings have an estimated useful life of 20 years and straight-line depreciation is applied. 4. The furniture has an estimated useful life of five years and straight-line depreciation is applied 5. Customers must pay a $100 deposit if they want to book a room in advance during the peak period. An analysis of these bookings indicates that 175 deposits were received and credited to Deferred Revenue. By May 31, 25 of the deposits were earned. 6. On May 25, a local business contracted with Kingfisher Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,800 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income. 7. On May 31, Kingfisher Lodge has earned $1,780 of rent from customers who are currently staying at the lodge. The customers will pay the amount owing only when they check out in early June 8. Salaries of $1,590 are unpaid at May 31. 9. Interest on the mortgage payable is $735 for the month of May and due June 1. 10. The May utility bill of $2,240 has not yet been recorded or paid. 11. Additional income tax is estimated to be $1,000. Instructions 1. Prepare adjusting journal entries for the month. Any lined paper will do but if you'd prefer, journal paper is available for printing. (20 marks) 2. Prepare an adjusted trial balance at May 31. To help with this, a 6-column worksheet on Excelis available. Submit as an Excel worksheet. (3) 3. Prepare a (1) statement of income, (2) statement of changes in equity, and (3) statement of financial position for the year. Note that $4,000 of common shares were issued during the month of May. May be done on Excel but submit as PDF-one statement per page. (20 marks) 4. Prepare the closing journal entries. Any lined paper will do but if you'd prefer, journal paper is available for printing. (4 marks) 5. Prepare a post-closing trial balance at May 31. May be done on Excel but submit as a PDF