Tamarisk Advertising Agency Inc. was founded in January 2020. Presented below are adjusted and unadjusted trial balances as at December 31, 2023. Tamarisk Advertising Agency Inc. Trial Balance December 31, 2023 Unadjusted Adjusted Dr. Cr. Dr. Cr. Cash $12,540 $12,540 Accounts receivable 22,800 26,790 Supplies 9,580 3,420 Prepaid insurance 3,820 2,850 Equipment 68,400 68,400 Accumulated depreciation-equipment $31,920 $37,620 Accounts payable Interest payable 5,700 5,700 0 300 Equipment 68,400 Accumulated depreciation-equipment $31,920 68,400 $37,620 Accounts payable 5,700 5,700 Interest payable 0 300 Notes payable 7,500 7,500 Unearned revenue 7,980 6,380 Salaries and wages payable 0 1,480 Common shares 11,400 11,400 Retained earnings 2,200 2,200 Service revenue 66,800 72,390 Salaries and wages expense 11,400. 12,880 Insurance expense 970 Interest expense 400 700 Depreciation expense 5,700 Supplies expense 6,160 Rent expense 4,560 4,560 Salaries and wages payable Common shares Retained earnings 0 1,480. 11,400 11,400 2,200 2,200. Service revenue 66,800 72,390 Salaries and wages expense 11,400 12,880 Insurance expense 970 Interest expense 400 700 Depreciation expense Supplies expense Rent expense 5,700 6,160 4,560 4,560 $133,500 $133,500 $144,970 $144,970 Your answer is correct. Prepare an income statement for the year ending December 31, 2023. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) TAMARISK ADVERTISING AGENCY INC. Income Statement For the Year Ended December 31, 2023 Revenues Service Revenue Expenses Salaries and Wages Expense Insurance Expense 12880 i 970 i 72390 Expenses Salaries and Wages Expense 12880 Insurance Expense 970 Interest Expense 700 Depreciation Expense 5700 Supplies Expense 6160 Rent Expense Total Expenses Net Income/(Loss) 4560 30970 41420 Your answer is correct. Prepare a statement of retained earnings for the year ending December 31, 2023. TAMARISK ADVERTISING AGENCY INC. Statement of Retained Earnings For the Year Ended December 31, 2023 Retained Earnings, January 1 2200 Add Net Income/(Loss) 41420 Retained Earnings, December 31 $ 43620 * Your answer is incorrect. If the note has been outstanding three months, what is the annual interest rate on that note? (Round answer to 2 decimal places, e.g. 15.25%) Annual interest rate 10 %