Required information $[$The following information applies to the questions displayed below$]$ Wells Technical Institute $($WTI$),$ a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off$-$site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December $31$ follows along with descriptions of items a through h that require adjusting entries on December $\backslash (31.\backslash )$ Additional Information Items a$.$ An analysis of WTi's insurance policies shows that $\backslash (\backslash$$ $2,400\backslash )$ of coverage has expired. b$.$ An inventory count shows that teaching supplies costing $\backslash (\backslash$$ $2,800\backslash )$ are available at year$-$end. c$.$ Annual depreciation on the equipment is $\backslash (\backslash$$ $13,200\backslash ).$ d$.$ Annual depreciation on the professional library is $\backslash (\backslash$$ $7,200\backslash ).$ e$.$ On September $1,$ WTI agreed to do five courses for a client for $\backslash (\backslash$$ $2,500\backslash )$ each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $\backslash (\backslash$$ $12,500\backslash )$ cash in advance for all five courses on September $1,$ and WTI credited Unearned Training Fees. f$.$ On October $15.$ WTI agreed to teach a four$-$month class $($beginning immediately$)$ for an executive with payment due at the end of the class. At December $\backslash (31,\backslash$$ $7,500\backslash )$ of the tuition has been earned by WTI, g$.$ WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $\backslash (\backslash$$ $100\backslash )$ per day for each employee. h$.$ The balance in the Prepaid Rent account represents rent for December.Prepare Welis Technical institute's income statement for the year.Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $\backslash (\backslash$$ $80,000\backslash )$ on December $31$ of the prior year$\mathrm{.}1$ Required information