Problem $5-4$A Adjusting entries and multi$-$step income statement$-$perpetual LO$550$pointsUse the unadjusted trial balance of Electric Bike on December $31,2023.$eBookPrintReferencesDebitCreditCash$ $8,200$Accounts receivable$22,765$Merchandise inventory$34,700$Store supplies$2,465$Office supplies$785$Prepaid insurance$3,355$Equipment$75,590$Accumulated depreciation, equipment$ $13,755$Accounts payable$8,100$Salaries payableBraeden Li$,$ capital$170,715$Braeden Li$,$ withdrawals$62,500$Interest income$320$Sales$529,500$Sales returns and allowances$5,170$Cost of goods sold$381,260$Salaries expense$96,400$Rent expense$29,200$Supplies expenseDepreciation expense, equipmentInsurance expenseTotals$$722,390$$$722,390$Required:$1.$ Record adjusting entries for the following information.The records show that the equipment was estimated to have a total estimated useful life of $10$ years with a resale value at the end of its life of $$14,590$The balance in the Prepaid Insurance account was reviewed and it was determined that $$260$ was unused at December $31,2023.$A review of the store supplies on December $31,2023,$ revealed a balance on hand of $$2,030$; a similar examination of the officesupplies showed that $$645$ had been usedAccrued salaries payable, $$1,850$A count of the merchandise inventory revealed a balance on hand December $31,2023,$ of $$33,890\mathrm{.}50$pointsView transaction listeBookJournal entry worksheetPrintReferences$2\mathrm{.}3456$Record depreciation expense.Note: Enter debits before credits.DateDec $31,2023$General JournalRecord entryClear entryDebitCreditView general journalPrepare a multiple step income statement showing the expenses in detail$\mathrm{.}50$pointsELECTRIC BIKEIncome StatementFor Year Ended December $31,2023$eBookPrintReferencesSaved$382,070$Operating expenses:Total operating expensesOther revenues and expenses: