Preparing financial statements and closing entries C1P2 The adjusted trial balance for Anara Co. on December 31 of the current year follows. Petra Anara invested $40,000 cash in the business during the year. The P. Anara, Capital account balance was $52,800 on -December 31 of the prior year. Adjusted Trial Balance December 31 No. Account Tide Debit Credit 101 Cash $7,400 126 Supplies 15,000 128 Prepaid insurance 1,000 167 Equipment 24,000 168 Accumulated depreciation-Equipment $ 4,000 173 Building... 100,000 174 Accumulated depreciation-Building 10,000 183 Land 30,500 201 Accounts payable. 3,500 203 Interest payable. 1,750 208 Rent payable.. 400 210 Wages payable. 1,280 213 Property taxes payable 3,330 236 Uneamed revenue. 9,150 251 Long-term notes payable. 31,600 301 P. Anara, Capital. 92,800 302 P. Anara, Withdrawals 8,000 403 Services revenue 59,600 406 Rant revenue 4,500 409 Interest revenue... 2,320 606 Depreciation expense-Building. 2,000 612 Depreciation expense-Equipment 1,000 623 Wages expense 22,030 633 Interest expense 1,550 637 Insurance expense. 1,525 640 Rent expense 3,600 652 Supplies exponse.. 1,000 683 Property taxes expense. 4,825 Totals. $224.230 $224,230 Required 1.Prepare the income statement and the statement of owner's equity for the current year ended December 31, and the -classified balance sheet at December 31. Check (1) Total assets, $164,700; Net income, $28,890 2.Prepare the necessary closing entries at December 31 of the current year.