The adjusted trial balance for Solano Company, owned by R. Solano, are as follows. SOLANO COMPANY For the Year Ended December 31, 2020 Adjusted Account Trial Balance Dr. kash $31,800 Account Titles CE 64.800 9,000 12.000 162,000 533.600 Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable 90.000 36.000 Owner's Capital ( Laraa 7/9/20, 10:17 AM All Media Salaries and Wages Payable Interest Payable 14.400 3.600 78.00 42.000 366.000 Owner's Capital Owner's Drawings Service Revenue Advertising Expense Supplies Expense Depreciation Expense 50.400 24 od 31,600 21000 168.000 3.600 Salaries and Wages Expense Interest Expense Totals Instructions 5.622 200 5.2.200 a) Prepare the closing entries. (15%) b) Prepare an income statement for the year 2020. (15%)