S&S Supplies financial year is January to December and the following unadjusted trial balance and accompanying data were present for the year ended December 31, 2016 S&S Supplies Trial Balance December 31, 2016 A/C N ame Trial Balance Debit C redit Cash Accounts receiva ble Allowance for Uncollectible Accounts Inve nto Supplies Prepaid Rent Furniture 4,000,000 20,000 120,000 4,000,000 cumulated depreciation Leasehold Improvemen nitu ease hol ounts payable Inte rest alaries payable Debbs, Withdraval Sa les revenue Cost ofgood sold Sa laryexpense Tele phone e Utilities Expense Uncollectible acco unt E Depreciation eense -Furniture 200,000 3,200,000 125,000 se se reciation expense easehold nse Inte rest expense 84,750 16,289250 16,289,250 The following additional information is available at Dec 31, 2016 () Supplies on hand at Dec 31, 2016 amounted to 510,000. (i) S80,000 of the prepaid rent expired as at December 31, 2016. (iii) The Furniture was purchased on January 1*, 2016 and is being depreciated over five (5) years on the double - declining method of deprecation down to a residue of $100,000. (iv) The Leasehold Improvements have an estimated useful life of five (5) years and are being depreciated on the straight-line method down to a residue of $20,000. (v) Salaries earned by employees not yet paid amounted to $120,000 at December 31,2016. (vi) Accrued interest expense due on the notes payable at December 31,2016 amounted to S5,250 vi A physical count of inventory at December 31, 2016, reveals $100,000 worth of inventory on hand viii After analyzing the accounts in the accounts receivable subsidiary ledger using the aging method, the company's management estimated that uncollectible accounts will be $30,000 Required 1. Prepare the necessary adjusting joural entries on December 31, 2016 2. Prepare the multi-step Income Statement for the year ended December 31, 2016 3. Prepare the Statement of Owner's Equity for the year ended December 31, 2016 4. Prepare the Balance Sheet as at December 31, 2016