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3.Carry the 2009 adjustments to 2010 to update the opening balances (page 6). 4.Find 2010 adjusting entries and other required balances and entries for 2010 (page 6 ). Adjustment entries in 20X10: Land adjusting entry carried from last year to update the opening balances in 2010. 1) Adjustment for prior year end's accumulated depreciation, income tax payable and retained earnings. Carried in 2010 to update 2009 opening balances. 2) Cepreciation adjusting entry in 2010. 3) Depreciation adjusting entry in 2010. Plugged in number to update the Retained Earnings as at December 31, 2010. \begin{tabular}{|l|l|} \hline Credit adjustment in 2010 Income Statement from entry (3) above : & $750,000 \\ \hline Debit adjustment in 2010 Income Statement from entry (4) above: & $225,000 \\ \hline Plugged in number to RE to show the effect of adjustments on net income : & $525,000 \\ \hline \end{tabular} Cash Accumulated depreciation of the equipment sold Cost of the equipment Gain from sale of the equipment MC TRAVEL INC. Balance Sheet December 31, \$