Required: Prepare necessary adjusting journal entries in the space provided below (excluding the entry for income tax) based on the information provided above. Show all calculations. (14 marks) T-accounts are not required, but maybe helpful. Adjusting Journal Entries 1. no journal entry 2. (dr) Wages Expense $5,000 (cc) Waged payable 5,000 3. (dr) Deferred Revenue $18,000 (c) Accounts recieveable 12.000 (er) Accounts payable 6.000 4. no journal entry 5. no journal entry 6. (dr) Depreciation expense $6,000 (et) Accumulated Depreciation 6,000 (a) A business has a corporate income tax rate of 40%. It has made no tax payments for the year 2019. The taxes have to be paid at the end of the first quarter of 2020. Based on the following accounting data for the year-end December 31, 2019, provide the adjusting entry for income taxes for December 31, 2019. Show all calculations (3.5 marks) Revenues Rent Expense Interest Expense Wages Expense Depreciation Expense Dividends S1,135,000 $340,000 $57,000 $230,000 $256,000 $34,000 Revenue 1135000 Expenses Rent 340,000 Interest 57,000 Wages 230000 Depreciation 256000 883000 1,135000 - 883,000 = 252,000 x 40% - $ 100,800 in income tax Adjusted Journal entry (dt) income Tax Expense (er) income tax payable 100,800 100,800 (b) Use the following information as of December 31, 2018 to calculate the amounts of cash and retained carnings for ATC Inc. The company's total assets are $36,000. This company doesn't have any other accounts. Show all calculations (3.5 marks) Accounts Payable $ 2.500 Accounts Receivable 8,000 Accumulated Depreciation-F&F 6,000 Cash ? Contributed Capital 9,500 Supplies 1,000 Furniture and Equipment 22,000 Deferred Revenue 3,000 Retained Earnings ? Accounts receivable 8,000 Supplies 1,000 Furniture and equipment 22,000 Accumulated Depreciation -F&F_16,000) Total assets = 25,000 (needs to equal 36,00) 25,000-36,000 = 11,000 Cash is equal to $11,000 Accounts payable 7,500 Contributied capital 9,500 = 17,000 (36,000-17,000. = 19,000) Retained earnings are - 19,000 (assets need to equal liabilities)