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 Account Titles Dr. Cr. Cash $31,800 Accounts Receivable 64.800 9,000 12.000 162.000 Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable $33.600 90,000 36.600 14,400 Salaries and Wages Payable Interest Payable 3.600 78,000 Owner's Capital Owner's Drawings Service Revenue 42.000 366.000 50.400 24.000 Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salane and Wages Expense 33,600 21.000 168.000 interest Expense 3,600 Totals $622 200 $622,200 Instructions a) Prepare the closing entries. (15%) b) Prepare an income statement for the year 2020. (15%)