Problem 4-2A Preparing a work sheet, adjusting and closing entries, and financial statements LO C3,P1, P2 The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $57,100, and the owner invested $22,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 NO. Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 7.500 128 Prepaid insurance 5,000 167 Equipment 141, 120 168 Accumulated depreciation-Equipment $ 24,500 201 Accounts payable 5,800 203 Interest payable 208 Rent payable 210 Wages payable 0 213 Property taxes payable 0 251 Long-tern notes payable 28,000 301 V. Ace, Capital 79,100 302 v. Ace. Withdrawala 33,500 401 Construction fees earned 140,000 612 Depreciation expense-Equipment 0 623 Wages expense 47,000 633 Interest expense 3.080 637 Insurance expense 640 Rent expense 11,000 652 Supplies expense 0 683 Property taxes expense 4,700 684 Repairs expense 2,600 690 Utilities expense 3,900 Totala $277,400 $277,400 a. The supplies available at the end of fiscal year 2017 had a cost of $2,700. b. The cost of expired insurance for the fiscal year is $3,150 c. Annual depreciation on equipment is $8,500. d. The June utilities expense of $600 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $600 amount owed needs to be recorded e. The company's employees have earned $1,100 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet pold or recorded at fiscal year end is $400. g. Additional property taxes of $800 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $280 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 payment toward the note payable during the 2018 fiscal year) Prepare the income statement for the year ended June 30, 2017. ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2017 Revenues: Expenses: Total expenses