! Required information [The following information applies to the questions displayed below.] Daily Driver, Incorporated (DDI), operates a driving service through a popular ride-sharing app. DDI has prepared a list of unadjusted account balances at its December 31 year-end. You have reviewed the balances and made notes shown in the right column. DAILY DRIVER, INCORPORATED Unadjusted Trial Balance At December 31 Credit 0 Account Name Cash Debit $ 1,050 Supplies 60 Prepaid Insurance 1,250 Equipment 42,000 Accumulated Depreciation $ 2,520 Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings 26,000 5,480 Service Revenue 20,770 Salaries and Wages 9,000 Expense Supplies Expense 110 Depreciation Expense 0 Insurance Expense 0 Fuel Expense Income Tax Expense 1,300 0 Totals $ 54,770 $ 54,770 Notes This equals the bank balance. Only windshield washer fluid that cost $30 remains at December 31. This amount was paid January 2 for car insurance from January 1 through December 31 of this year. This is the car's purchase price. The car will be two years old at the end of December. DDI has not yet paid or recorded $820 of salary for December. DDI paid all its taxes from last year. DDI issued 5,200 shares at $5 each. This is the total accumulated earnings to January 1 of this year. All revenue is received in cash when the service is given. DDI's only employee receives a salary of $820 for December. This is the cost of windshield washer fluid used to November 30. The car's benefits are being used up about $2,520 per year. No car insurance has been paid for next year. All fuel is paid for in cash. DDI's tax rate is 20% of income before tax. Prepare a classified balance sheet for the year ended December 31. (Amounts to be deducted should be indicated by a minus sign.) DAILY DRIVER, INCORPORATED Balance Sheet Assets Current Assets Cash Supplies At December 31 Current Liabilities $ 1,050 30 Supplies Expense Total Current Liabilities Liabilities Stockholders' Equity Common Stock Retained Earnings 42,000 Total Stockholders' Equity 26,000 10,072 36,072 $ 43,080 Total Liabilities and Stockholders' Equity $ 36,072 Total Current Assets Equipment 1,080 42,000 Accumulated Depreciation Equipment, Net Total Assets