(The following information applies to the questions displayed below.) Ramirez Company is completing the information processing cycle at its fiscal year-end on December 31. Following are the correct balances at December 31 for the accounts both before and after the adjusting entries. (The following information applies to the questions displayed below.) Ramirez Company is completing the information processing cycle at its fiscal year-end on December 31. Following are the correct balances at December 31 for the accounts both before and after the adjusting entries. Trial Balance, December 31 of the Current Year Before After Adjusting Entries Adjusting Entries Items Debit Credit Debit Credit a. Cash $ 14,200 14,200 b. Accounts receivable 530 C. Prepaid insurance 480 320 d. Equipment 168,480 168,480 e. Accumulated depreciation, equipment $ 40,800 $46,000 f. Income taxes payable 1,850 g. Common stock and additional paid-in capital 109,000 109,000 h. Retained earnings, January 1 13,540 13,540 I. Service revenue 74,300 74,830 J. Salary expense 54,480 54,480 k. Depreciation expense 5,200 1. Insurance expense 160 m. Income tax expense 1,850 $ 237,640 $ 237,640 $ 245,220 $ 245,220 | li |