PROBLEM 1 (50 points) West Laboratory. Inc. closes the accounts at the end of the year. The trial balance on December 31, 2021, after adjustments have been made is as follows: WEST LABORATORY, INC. ADJUSTED TRIAL BALANCE 31 DECEMBER, 2021 CREDIT DEBIT 28.200 17.000 5.000 7.200 1.200 22.200 6.000 CASH ACCOUNTS RECEIVABLE PREPAID RENT UNEXPIRED INSURANCE OFFICE SUPPLIES MEDICAL EQUIPMENT ACCUMULATED DEPRECIATION: MEDICAL EQUIPMENT ACCOUNTS PAYABLE NOTES PAYABLE UNEARNED MEDICAL FEES CAPITAL STOCK RETAINED EARNINGS DIVIDENDS MEDICAL FEES EARNED SALARIES EXPENSE OFFICE SUPPLIES EXPENSE INSURANCE EXPENSE DEPRECIATION EXPENSE INTERNET EXPENSE 4.000 8.400 14.000 21.000 25.500 2.500 32.000 16.465 2.000 5.800 2.035 1.300 TOTAL 110.900 110.900 Instructions: 1. Prepare closing entries (10 points) 2. Post all closing entries on the ledger accounts (T-accounts) (10 points) 3. Prepare an Income Statement (10 points) 4. Prepare a Statement of Retained Earnings. (10 points) 5. Prepare a Balance Sheet (10 points)