PROBLEM 1. The following trial balance was taken from the books of P\&I Inc. on December 31, 2022. The following supplemental information is also available. a. A count of supplies on December 31,2022 , indicated supplies with a cost of $7,000 were on hand as of that date. b. Annual depreciation on equipment is 50,000 and has not yet been recorded. c. The $250,000 Note Payable represents a 10-year loan P\&I Inc. received from First Street Bank on August 1,2022 at a 6% interest rate. Interest payments are due annually beginning on July 31,2023. d. Salaries and wages earned but not yet paid at December 31 were $2,300. Required: Prepare all necessary adjusting entries for P\&I Inc., then prepare P\&I Inc. closing entries for 2022. (39 points)