Question 1 (100 marks) Fantastic Consulting Service Company has the following trial balances drafted as at 31 December 2021: The following information is available for making adjusting entries. a. Rent was prepaid for 15 months. Twelve months have expired. b. 30 hours service at hourly rate of $60 was performed. However, the invoice is not yet issued to the customer. c. Supplies on hand at year-end: $800 d. Accrued salary amounted to $2,000 not yet recorded in book. e. Depreciation expense of machine for the year $22,600 not yet recorded. f. Unearned fees provided to customer as at year end amounted to $5,000. REQUIRED: i. Prepare adjusting entries for items (a) to (f). (30 marks) ii. Prepare Statement of Comprehensive Income and Statement for Financial Position for Fantastic Consulting Services Company for the year ended 31 December 2021. (60 marks) iii. (1) Is "prepaid rent" an expense? Identify the accounting concept to support your explanation. (2) Why "prepaid rent" has a normal balance as a debit? (10 marks) END of assignment