Task 1 Required: Prepare/journalize adjusting entries for the following transactions needed on December 31, 2020 for ILAC. Explanation are not required. TRANSACTION a) The Supplies account on Dec 1, 2020 was $5,000. A physical count reveals $2,750 of supplies on hand on December 31. b) The equipment was purchased on December 1, 2020. It cost $10,000 with a useful life of 8 years and no salvage value. A two-year insurance policy costing $5400 was purchased on December, 2020. The insurance expense begins on December I. d) Employee are paid $175 per day. Salaries for the last 4 days of the year will be paid in January c) Task 2 Required: Prepare/journalize closing entries for Dec. 31. 2020. Task 3 Required: Prepare Income statement and balance sheet for ILAC for Dec. 2020. Task 4 Required: Calculate current ratio and net working capital for ILAC. Use the information you have calculated in above two statement