The Dhaka Portfolio Corporation provides Investment Advice Services to Present and Potential Investors. In addition, the corporation also provides management consultancy services to other companies. The Trial Balance of Equitable Portfolio Corporation for the year ended December 31, 2018, appears below:

Dhaka Portfolio Corporation

Trail Balance

December 31, 2018

	($)	($)
Cash	43,000
Accounts Receivable	120,000
Prepaid Insurance	12,000
Prepaid Rent	10,000
Supplies	5,000
Land & Building	340,000
Investments in Shares of Dream Corporation	100,000
Equipment	260,000
Accumulated Depreciation, Equipment		52,000
Furniture	60,000
Accumulated Depreciation, Furniture		24,000
Accounts Payable		36,000
10% Notes Payable		50,000
15% Bonds Payable		200,000
Unearned Advising Service Revenue (40%)		40,000
Advising Service Revenue		220,000
Consultancy Service Revenue		101,000
Salaries and Wages Expenses	160,000
Utility Expense	3,000
Office Expense	7,000
Dividend Paid	40,000
Common Stock, shares of $10 each		400,000
Retained Earnings		37,000
Total	1,160,000	1,160,000

Additional Information:

The following information was available:

1. Bad debt expense is estimated at 5% of accounts receivable.

2. Half of the prepaid insurance expired during the year.

3. Supplies on hand at the end of year are 1,000.

4. Depreciate Equipment @ 10%, and furniture & fixtures @10%.

5. No interest was paid and charged on notes and bonds payable.

6. Rent expanse unexpired 8000.

7. Salaries and wages expanses accrued and not yet paid 16,000.

8. 40% unearned advising service revenue earned during the year.

Required: Record the necessary adjusting entries, prepare a work sheet for adjusted trail balance and then prepare income statement, equity statement and balance sheet.