Solutions Question: Melon company provides painting services to its customers. The company performs adjusting entries on a monthly basis, whereas closing entries are prepared anually at December 31. An adjusted trial balance dated December 31, 2020, follows. Melon Company ADJUSTED TRIAL BALANCE 31-Dec-20 Debits Credits Cash Accounts receivables Unexpired Insurance $27,800 4,300 8,700 Prepaid ren 3,200 Supplies 1,400 Trucks 140,000 Accumulated depreciation: Trucks $75,000 Mowing equition 28,000 Accumulated depreciation:equipment 14,000 accounts payable 2,200 Notes payable Salaries payable 38,000 900 Interest payable Income taxes payable unearned services revenue capital stocks Retained earnings Dividends service revenue earned Insurance expense Office rent expense 300 1,700 2,000 18,000 21,000 3.300 194,000 1,800 28,000 Supplies expense Salaries expense 5,600 72,000 Depreciation expense; truck 16,000 depreciation expense: equipment 4,000 Repair and maintenance expense 5,300 Fuel expense 2,200 Mescellaneous expense 2,700 Interest expense 3,800 Income taxes expense 9,000 $367,100 367100 Instructions: Prepare an income statement and statement of retained earnings for the year ended december 2020. Also prepare the company's balance sheet dated December 31, 2020. USE THE EMPTY SPAED PROVIDED IN THE SOLUTIONS TAB