The adjusted trial balance for Nails Construction as of December 31, 2008 follows: NAILS COSNTRUCTION Adjusted Trial Balance December 31, 2008 Ace Account Title Debit Credit no 101 Cash 135,000 104 Short term investments 32.000 126 Supplies 2,700 128 Prepaid Insurance 4,000 167 Equipment 55,000 168 Accumulated Dep. - Equipment 25,000 173 Building 122,000 174 Accumulated Dep. Building 78,000 183 Land 85,000 201 Accounts Payable 44,500 203 Interest Payable 7.500 208 Rent Payable 2.800 210 Wages Payable 10.700 213 Property Tax Payable 9,000 233 Unearned professional fees 500 251 Long term notes payable 107.000 301 R. Nails Capital 213,900 302 R. Nails, Withdrawals 39.000 401 Professional fees earned 117.000 406 Rent earned 7,000 407 Dividend earned 2.000 409 Interest earned 8,600 606 Depreciation Expense Building 4,000 612 Depreciation Expense Equipment 5.000 623 Wages Expense 82.000 633 Interest Expense 1.100 637 Insurance Expense 1.000 640 Rent Expense 34,500 652 Supplies Expense 3.400 682 Postage Expense 200 693 Property Tax Expense 6.500 684 Repairs Expense 18.900 688 Telephone Expense 750 690 Utilities Expense 1.450 Totals 633,500 633,500 Additional information R Nails invested $18.000 cash in the business during year 2008 (the December 31, 2007, balance of the R. Nails, Capital account was $195,900). Required: 1. Prepare the Income Statement and the Statement of Changes in Equity for the calendar year 2008, and the classified balance sheet of December 31, 2008 (11 Points) 2. Prepare the necessary closing entries at the end of the year 2008 (6 Points Focus m