$[$The following information applies to the questions displayed below$]$

Wells T$$chnical Institute $($WTI$)$ provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off$-$site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December $31$ follows, along with descriptions of items athrough h that require adjusting entries pn December $31.$

Additional Information items

Q$.$ An analysis of WTrs insurance policies shows that $$3,732$ of coverage has expired.

b$.$ An inventory count shows that teaching supplies costing $$3\mathrm{.}235$ are available at yearend.

c$.$ Annual depreciation on the equipment is $$14,929.$

d$.$ Annual depreciation on the professional library is $$7,464.$

e$.$ On September $1,$ WTI agreed to do five training courses for a client for $$2,300$ each. Two courses will start immediately and finish before the end of the year. Thr$$e courses will not begin until next year. The client paid $$11,500$ cash in advance for all five training courses on September $1,$ and WTI credited Unearned Revenue.

On October $15,$ WTI agreed to teach a four$-$month class $($beginning immediately$)$ for an executive with payment due at the end of the class. At December $31,$$$12,600$ of the tuition revenue has been earned by WTI.

$.$ WT$\text{'}$s tivo employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $$100$ per day for each employee.

h$.$ The balance in the Prepaid Rent account represents rent for December.

$3-$a$.$ Prepare Wells Technical Institute's income statement for the year.

$3-$b$.$ Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $$76\mathrm{.}000$ on December $31$ of the prior year.

$3-$c$.$ Prepare Wells Technical Institute's balance sheet as of December $31.$

Complete this question by entering your answers in the tabs below.

Req $3$ A

Req $3B$

Req. $3C$

Prepare Wells Technical Institute's income statement for the year.

$\backslash$table$[[$WELS TECHNICAL INSTITUTE,$],[$For Year Ended December $31,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,]]$