Simulation 2 (20 Points) Fontaine Co. had the following selected account balances as of December 31, 2018 Accounts receivable Equipment (historical cost) Accumulated depreciation $250,000 68,000 640,000 rent 174,000 The following information was received from Fontaine's accountant, Mary Marist. Adjusting entries have not yet been made 1. It is estimated that $16,000 of accounts receivable will not be collectible. A provision for uncollectible accounts has never been made by Fontaine 2. Fontaine 3. Fontaine 4. Rent was paid on August 1,2018, for 24 moenths and recorded in a prepaid rent account incurred depreciation expense of $29,000 duaring the period. incurred supplies expense of $23,000 during the period Determine the adjustments necessary for December 31, and indicate the adjusted balances of the selected accounts at December 31, 2018 (s nems 4 poinls each - Total 20 points) Adjusted Balance Accounts receivable (net) Prepaid rent Equipment Supplies Accumulated depreciation