! Required information (The following information applies to the questions displayed below.) The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting date. Credits Debits 70,910 23,000 2,800 35,000 66,000 Account Title Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Utilities expense Advertising expense Totals 19,800 24,000 0 100,000 16,000 373,000 223,800 74,600 16,800 0 14,920 4,970 532,800 532,800 The following year-end adjusting entries are required: a. Depreciation expense for the year on the equipment is $6,600. b. Salaries at year-end should be accrued in the amount of $4,880. 2. Prepare an income statement for 2021 and a balance sheet as of December 31, 2021. 2. Prepare an income statement for 2021 and a balance sheet as of December 31, 2021. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare an income statement for 2021. WOLKSTEIN DRUG COMPANY Income Statement For the Year Ended December 31, 2018 Gross profit Operating expenses: Total operating expenses Net income Income Statement Balance Sheet > Income Statement Balance Sheet Prepare a balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated with a minus sign) WOLKSTEIN DRUG COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Total current assets Property and equipment: Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity