Presented below are the trial balance and the other information related to Clear Call Limited. 4. Fees received in advance from clients and included in Service Revenue initially, $25,000. 5. Equipment is being depreciated at 10% per year. 6. A physical count of the supplies on hand at the end of December 31,2019 , is $37,600. 7. Rent of the building is $4,500 per month. The rent for 2019 has been paid, as has that for January, February, and March 2020. The total rental payment was initially recorded in Rent Expense. 8. Bad debt expense for the year is 5% of the accounts receivable. Instructions Prepare an income statement for 2019 and a classified balance sheet. (35 Points) 1. Employees are paid every Friday for the five-day week ended on that day. Salaries amount to $4,000 per week. The accounting periods ends on a Monday. 2. A note for $10,000 was received from a customer on April 1,2019. The note matures in one year and bears 8% interest. 3. An insurance premium of $12,500 was paid on March 1,2019, and was charged to Prepaid Insurance. The premium covers a 24-month period beginning March 1, 2019. 4. Fees received in advance from clients and included in Service Revenue initially, $25,000. 5. Equipment is being depreciated at 10% per year. 6. A physical count of the supplies on hand at the end of December 31, 2019, is $37.600. 7. Rent of the building is S4, SPoger 2 nth. Tse rent for 209 hasteen paid. as has that for January, February, and March2020. The total rental payment isas initially recorded in Rent