Required information [The following information applies to the questions displayed below.] Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Cash Accounts receivable Supplies Prepaid insurance Service trucks Other assets Accumulated depreciation Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (5,400 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals Debit Credit 46,400 11,600 460 730 18,000 8,400 9,760 2,390 13,000 1,956 17,604 5,600 87,430 16,200 33,230 136,380 136,380 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $160 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $730. c. Depreciation expense for the current year, $3,700. d. Wages earned by employees not yet paid on December 31, $530. e. Income tax expense, $4,980. 2-a. Prepare an income statement that include the effects of the preceding five transactions. (Round "Earnings per share" to 2 decimal places.) TUNSTALL, INC. Income Statement For the Current Year Ended December 31 Operating expenses Remaining expenses (not detailed) Supplies expense Operating expenses Insurance expense Depreciation expense $ 33,960 300 730 3,700 Total expenses 4,430 Operating income Income tax expense 4,980 Common stock 1,956 Net income Earnings per share 2-b. Prepare a classified balance sheet that include the effects of the preceding five transactions. (Amounts to be deducted should be indicated by a minus sign.) TUNSTALL, INC. Balance Sheet 0 $ 0 $ 0 $ 0 $ 0 3. Record the closing entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record closing entry to transfer revenues and expenses to retained earnings. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal