Question W ?. \{35 marks) The following informatiorf relates to fugitive Electronics on December 31, 2016. The company, which usess the calendar year as its fiscal period, initially records prepaid and unearned items in 6/5 accounts (assets and liabilities, respectively). a. The company's weekly paycoll is $3,750, palal each friday for a five day workweek. Assume December 31, 2016, falls on a Monday, but the employees will not be paid their wages until Friday, lanuary 4,2017. b. Eighteen months earlier, on July 1, 2015, Fugitive purchased equipment that cost S20,000. Useful life is 5 years, with no salvage value, ST-tine depreciation applies. 6. On October 1, 2016, Fubitive agreed to woikon a new housing development. The company is paid $120,000 on October 1 in advance of future installation of similar alarm systems in 24 new hames. That amount was credited to the Unearned Aevenge account. Between October 1 and December. 31. Wrark on 20 homns was completed. d. On September 1, 2016, Funitive parchased a 12m. Doth insurance policy for 51,800, The aemount. was debited to the Prepaid insurance account. e. On December 29,2016 , Figitive completed a 57,000 service that has not been bilied or recorded as of December 31,2016 . Required: 1. Prepare any necessary adjusting entries on December 31, 2016, in relation to transactions and rvents a throueb e. 15 marks Transaction () is done for you as an illostration. (a) Dece 31 - 2. Complete the following table and determine the amounts and effects of your atjusting untries on the year 20161/5 and the December 31,2016 , 8/5. Use U for up and Dor dovan to indicate increase and decrease, respectively in the Elfects column. 20 marks NI - net incorne; TA= total assets; IL= total fiability; TE - total equity