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 tultion directly to the school. WTI also offers traInIng to groups in off-site locations. WTI Inltially records prepald expenses and unearned revenues in balance sheet accounts. Its unadjusted trlal balance as of December 31 follows, along with descriptions of Items a through h that require adjusting entrles on December 31. Additional Information Items a. An analysis of WTI's Insurance policles shows that $3,335 of coverage has expired. b. An Inventory count shows that teaching supplies costing $2,891 are avallable at year-end. c. Annual depreclation on the equipment is $13,342. d. Annual depreclation on the professional library is $6,671. e. On September 1 , WTI agreed to do five training courses for a client for $3,000 each. Two courses will start Immedlately and finish before the end of the year. Three courses will not begin untll next year. The client pald $15,000 cash In advance for all five training courses on September 1, and WTI credited Unearned Revenue. f. On October 15,WTI agreed to teach a four-month class (beginning Immediately) for an executlve with payment due at the end of the class. At December 31,$8,903 of the tultion revenue has been earned by WTI. g. WTI's two employees are pald weekly. As of the end of the year, two days' salarles have accrued at the rate of $100 per day for each employee. h. The balance In the Prepald Rent account represents rent for December. 3-a. Prepare Wells Technical Institute's Income statement for the year. 3-b. Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells, Capltal account balance was $101,318 on December 31 of the prior year, and there were no owner Investments in the current year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31